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Crude oil futures rose by 0.49 per cent to Rs 3,358 per barrel today as speculators created fresh positions amid a firming trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 16, or 0.49 per cent, to Rs 3,358 per barrel, with a business turnover of 2,016 lots.
The May contract moved up by Rs 12, or 0.38 per cent, to Rs 3,475 per barrel, with a business volume of 207 lots.
Analysts said the rise in crude oil futures was largely in tune with a firming trend in Asian markets where it rose for the fifth straight trading day following forecasts that US shale production could decline and help ease a global supply glut.
US benchmark West Texas Intermediate for May delivery gained 26 cents to $53.55 and Brent crude for May rose 43 cents to $58.86 in late-morning trade after a bullish US stockpiles report raised hopes of resurgent demand in the world's top crude consumer.
Meanwhile, West Texas Intermediate crude oil for delivery in May advanced by 26 cents at $53.55, while Brent crude for the same month gained 43 cents to USD 59.86 a barrel in late-morning trade on the New York Mercantile Exchange.
