Crude oil futures traded sharply higher by 2.65 per cent at Rs 3,604 per barrel in futures market Wednesday as speculators raised bets, taking positive cues from global market.
At the Multi Commodity Exchange, crude oil for delivery in February was trading higher by Rs 93, or 2.65 per cent, to Rs 3,604 per barrel in a business turnover of 431 lots.
Likewise, the oil for delivery in January rose by Rs 90, or 2.59 per cent, to Rs 3,564 per barrel in 14,285 lots.
Analysts said, speculators created fresh positions on the back of a firm trend overseas where crude surged, supported by rising hopes that the US and China would strike a deal to end their trade war.
Besides, oil prices have also been rising following supply cuts started at the end of 2018 by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia, they added.
Meanwhile, West Texas Intermediate gained 1.57 per cent, to USD 50.56 per barrel, while Brent crude, used to price international oils, climbed 1.33 per cent at USD 59.50.
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