Crude oil prices advanced by 1.31 per cent to Rs 5,014 per barrel in futures market today as speculators increased positions, tracking a firm trend overseas.
At Multi Commodity Exchange, crude oil for delivery in August advanced by Rs 65, or 1.31 per cent, to Rs 5,014 per barrel in business turnover of 473 lots.
On similar lines, the oil for delivery in July was trading higher by Rs 63, or 1.25 per cent, to Rs 5,112 per barrel in 7,576 lots.
Analysts said, expansion of positions by participants in line with a firming trend overseas, where oil prices rose today on shortage of supply, with Brent crude leading the way as oil workers in Norway are set to strike later in the day after failed wage talks, boosted sentiment in futures trade here.
Meanwhile, West Texas Intermediate rose by 54 cents, or 0.73 per cent, to USD 74.39, while Brent crude gained 62 cents, or 0.79 per cent, to USD 78.69 per barrel.
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