Crude oil climbed by 1.26 per cent to Rs 4,728 per barrel in futures trade today as speculators raised their bets, taking positive cues from overseas markets.
At the Multi Commodity Exchange, crude oil for delivery in June month shot up by Rs 59, or 1.26 per cent to Rs 4,728 per barrel in business turnover of 190 lots.
In a similar fashion, the oil for delivery in May contracts was trading higher by Rs 57, or 1.22 per cent to Rs 4,725 per barrel in 3,382 lots.
US oil prices rose above USD 70 a barrel today for the first time since November 2014 while Brent crude prices climbed to fresh highs as a deepening economic crisis in Venezuela threatened the country's already tumbling oil supplies, which led prices higher at futures trade here, analysts said.
Meanwhile, West Texas Intermediate rose 71 cents, or 1.02 per cent, to USD 70.43 per barrel on the New York Mercantile Exchange. Brent crude went up by 88 cents, or 0.1.18 per cent to USD 75.75 a barrel.
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