Crude oil was trading higher by 0.70 per cent to Rs 4,889 per barrel in futures market today as speculators created fresh bets, taking positive cues from global markets.
At Multi Commodity Exchange, crude oil for delivery in May rose by Rs 34, or 0.70 per cent, to Rs 4,889 per barrel in a business turnover of 950 lots.
Oil for delivery in June rose by a similar margin to quote at Rs 4,908 per barrel with a business volume of 336 lots.
Analysts said speculators built fresh positions after oil prices rose in Asia in reaction to news that China and the US had put a looming trade war "on hold". This led to rise in crude oil prices in futures trade here.
Meanwhile, West Texas Intermediate gained 51 cents, or 0.72 per cent to USD 71.79 while Brent crude rose 48 cents, or 0.61 per cent to USD 78.99 per barrel.
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