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Crude oil futures prices rose notably by 1.22% to Rs 3,165 per barrel today as speculators engaged in enlarging positions, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in March traded Rs 38, or 1.22%, higher at Rs 3,165 per barrel, with a business turnover of 263 lots.
The oil for February also moved up by Rs 37, or 1.21%, to Rs 3.090 per barrel, with a business volume of 3,352 lots.
Analysts attributed the rise in crude oil futures to a firming trend in Asia, extending gains from the previous day after US firms cut drilling activity
Meanwhile, West Texas Intermediate (WTI) crude prices for March delivery rose 37 cents to $49.94 while Brent crude for March gained 22 cents to $54.97 a barrel in late morning trade on the New York Mercantile Exchange.
WTI yesterday punched through the psychological mark of $50 a barrel before closing at $49.57 while Brent tested $55 mark before ending at $54.75.
