Continuing its upward march for another session, crude oil futures traded 0.27 per cent higher at Rs 4,047 per barrel today as speculators raised bets, taking positive cues from the global market.
At the Multi Commodity Exchange, crude for delivery in the current month rose Rs 11, or 0.27 per cent, to Rs 4,047 per barrel, in a business turnover of 2,478 lots.
Likewise, the oil for delivery in February was trading Rs 11, or 0.27 per cent, higher at Rs 4,044 per barrel in 119 lots.
Analysts attributed persistent rise in prices in futures trade to widening of positions by participants, taking positive cues from global markets where it traded at its highest level since 2014 due to ongoing production cuts led by OPEC.
Meanwhile, West Texas Intermediate gained 0.81 per cent, to USD 63.47 per barrel, while Brent crude rose 0.41 per cent at USD 69.10.
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