Crude oil futures spurted by Rs 55 to Rs 3,075 per barrel today after participants widened their bets, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in current month contracts was trading higher by Rs 55 or 1.82 per cent at Rs 3,075 per barrel with a business turnover of 6,063 lots.
The crude for October month delivery also moved up Rs 55 or 1.79 per cent to Rs 3,133 per barrel with a business volume of 294 lots.
Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade where it built on recent gains thanks to a softer dollar and industry data indicating US stockpiles sank last week.
The gains extend a seven per cent rally in the commodity since hitting Thursday's two-week lows as investors look ahead to a Russia-OPEC meeting at the end of the month aimed at addressing an oversupply crisis.
Meanwhile, West Texas Intermediate crude prices for March delivery soaring 81 cents or 1.78 per cent to trade at USD 46.31 a barrel while Brent crude was usp 76 cents, of 1.58 per cent, to USD 48.74 on the New York Mercantile Exchange.
Prices also got support from news that imports to China -- the world's top energy consumer -- rose in August for the first time in 22 months, raising hopes the the huge economy is stabilising after years of slowing.
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