Crude oil futures rose by 0.87 per cent to Rs 3,250 per barrel today as speculators raised their bets amid a firm trend overseas.
In futures trading at the Multi Commodity Exchange, crude oil for delivery in current month was trading higher by Rs 28, or 0.87 per cent at Rs 3,250 per barrel in 5,687 lots.
On similar lines, crude for delivery in September was trading higher by Rs 28, or 0.85 per cent at Rs 3,305 per barrel in a business turnover of 3,399 lots.
Analysts said rise in crude oil futures was largely in tandem with a firming trend in Asian trade today as a bullish momentum continued, fuelled by hopes of an output freeze by key producers and data showing robust US demand.
Prices have roared back to enter a bull market, rallying more than 20 per cent from lows seen earlier this month when they pushed below USD 40 a barrel for the first time since April.
Members of the Organization of the Petroleum Exporting Countries and their rivals outside the group are to meet informally next month in Algeria, and there have been hints their talks could include ways to stabilise the oversupplied crude oil market.
Meanwhile, the US benchmark West Texas Intermediate crude prices for delivery in September was up 13 cents to USD 48.35 a barrel and Brent crude added one cent to USD 50.90 a barrel.
Disclaimer: No Business Standard Journalist was involved in creation of this content
