Crude oil prices shot up by Rs 67 to Rs 2,615 per barrel in futures trade today as speculators widened their bets, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 67, or 2.63 per cent, at Rs 2,615 per barrel, with a business turnover of 6,730 lots.
The oil for April delivery also moved up Rs 55, or 2.06 per cent, to Rs 2,731 per barrel, with a business volume of 1,617 lots.
The rise in crude oil futures came on a firming trend in Asian trade after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline, analysts said.
Qatar's energy minister, Mohammed al-Sada confirmed that key producers from within and outside the OPEC cartel will meet April 17 in Doha, stoking hopes of an agreement to ease a global supply glut.
Meanwhile, West Texas Intermediate crude prices for April delivery climbed 65 cents, or 1.69 per cent, to USD 39.11 a barrel while Brent for May also advanced 38 per cent, or 0.94 per cent, to USD 40.71 a barrel on the New York Mercantile Exchange.
WTI rose 5.8 per cent and Brent advanced 4.1 per cent to firmly close above USD 40 a barrel yesterday.
