Crude oil prices on Wednesday surged 3.15 per cent to Rs 2,589 per barrel as participants enlarged their holdings tracking a positive trend overseas.
On the Multi Commodity Exchange, crude oil for delivery in March traded higher by Rs 79, or 3.15 per cent, to Rs 2,589 per barrel in 59,838 lots.
Crude oil for April delivery was up by Rs 77, or 3 per cent, to Rs 2,647 per barrel with an open interest of 2,786 lots.
Globally, West Texas Intermediate was trading higher by 1.63 per cent at USD 34.92 per barrel and Brent crude was up by 2.44 per cent to USD 38.13 per barrel in New York.
Brent crude futures on Monday had plunged nearly 30 per cent after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.
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