Crude oil prices edged up 0.23 per cent to Rs 4,426 per barrel in futures trade Monday as speculators widened their bets in tandem with a firm trend overseas.
On the Multi Commodity Exchange, crude for delivery in May contracts was up by Rs 10, or 0.23 per cent, to Rs 4,426 per barrel in a business turnover of 13,904 lots.
Analysts said the rise in crude oil futures was largely due to raising of bets by participants in the domestic markets.
Globally, the oil prices were upbeat as members of Saudi Arabia-led Opec in a meeting on Sunday in Jeddah signalled an output cut by the end of the year allaying fears of supply glut, according to reports.
Meanwhile, West Texas Intermediate crude prices were trading up 1.31 per cent to USD 63.58, while Brent, used to price international oils, was up 1.40 per cent at USD 73.22 a barrel on the New York Mercantile Exchange.
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