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Crude oil rose 1.03% to Rs 3,241 per barrel in futures market on Wednesday as speculators engaged in creating speculative positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 33, or 1.03%, to Rs 3,241 per barrel, in a business turnover of 6,726 lots.
Likewise, the oil for delivery in June gained Rs 30, or 0.92%, to Rs 3,298 per barrel in 1,620 lots.
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Analysts said speculative positions built up by traders after crude hit fresh 2016 highs in its March towards $50 in Asia today, fanned by escalating wildfires in Canada's oil sands region and hopes of an easing in the oversupply, influenced sentiments at futures trade.
Prices have shot up after US banking giant Goldman Sachs this week said that supply disruptions in Africa's biggest oil producer Nigeria — along with better demand — had created a surprising short-term supply deficit.
It described the situation in Nigeria as "systemic" and production in that country is likely to remain curtailed for the rest of the year.
Meanwhile, West Texas Intermediate for June delivery gained 14 cents, or 0.29% to $48.45 while global benchmark Brent for July advanced 8 cents, or 0.16% to $49.36 a barrel.
Both contracts closed higher yesterday, with the WTI settling at $48.31, its highest since early October.
