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Crude oil prices rose sharply by Rs 84 to Rs 2,107 per barrel in futures trade today as speculators widened their bets after it rallied in Asia.
At the Multi Commodity Exchange, crude oil for delivery in March contracts was trading higher by Rs 84 or 4.15% at Rs 2,107 per barrel, with a business turnover of 1,501 lots.
The oil for february delivery also moved up Rs 57 or 3.09% to Rs 1,901 per barrel, with a business volume of 8,441 lots.
Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade where it surged more than five% today, a day after tanking towards 13-year lows and following a report suggesting the OPEC producers' club was open to working towards cutting output to stabilise volatile crude markets.
Meanwhile, West Texas Intermediate (WTI) crude prices for March delivery climbed $1.47, or 5.61% to $27.68 a barrel, while Brent for April also advanced $1.68 or 5.59% to $31.74 a barrel on the New York Mercantile Exchange.
WTI settled at $26.21 a barrel yesterday, its lowest close since May 2003, and breaching bottoms set in January. The contract is down around 11% for the week.
