Crude oil futures traded higher by 1.76 per cent at Rs 4,209 per barrel in futures market today as speculators built up positions after positive cues from global market.
At the Multi Commodity Exchange, crude oil for delivery in February spurted by Rs 73, or 1.76 per cent, to Rs 4,209 per barrel, in a business turnover of 3,120 lots.
The oil for delivery in March was trading higher by Rs 70, or 1.69 per cent, to Rs 4,201 per barrel in 114 lots.
Analysts attributed the rise in crude oil prices at futures trade to widening of bets by speculators after it hit highest level since December 2014 in global market, lifted by a weak dollar and a 10th straight week of declines in US crude inventories.
The West Texas Intermediate climbed to USD 66.32 per barrel, while Brent crude, the international benchmark for oil prices, were up 45 cents, or 0.6 per cent higher at USD 70.98 per barrel - a level not seen since early December 2014.
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