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Crude oil futures prices jumped up by 2.83% to Rs 3,123 per barrel today as speculators created positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 86, or 2.83%, to Rs 3,123 per barrel, with a business turnover of 3,568 lots.
The oil for the May delivery shot up by Rs 74, or 2.34%, to Rs 3,231 per barrel, with a business volume of 215 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a rebound in Asian trade on news that a labour strike at a US refinery would end soon, tempering recent losses fuelled by an agreement to curb Iran's nuclear programme.
Meanwhile, West Texas Intermediate crude advanced by 82 cents to $49.96 while Brent rose 81 cents to $55.76 a barrel in late-morning trade on the New York Mercantile Exchange.
