Crude oil rose 1 per cent to Rs 3,724 per barrel in futures market today as speculators created fresh bets, taking positive cues from Asian markets after OPEC announced it would extend cuts in oil output by nine months.
At the Multi Commodity Exchange, crude oil for delivery this month rose Rs 37, or 1 per cent to Rs 3,724 per barrel in a business turnover of 3,661 lots.
Likewise, the oil for delivery in January traded higher by Rs 34 or 0.92 per cent to Rs 3,738 per barrel in 156 lots.
Analysts said, speculators built fresh positions after oil prices rose in Asia after OPEC announced it would extend cuts in oil output by nine months through 2018.
Meanwhile, West Texas Intermediate gained 15 cents, or 0.26 per cent, to USD 57.55 while Brent crude rose 19 cents, or 0.30 per cent to USD 62.82 per barrel.
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