Crude prices recovered by 0.38 per cent to Rs 3,926 per barrel at the futures trade today as speculators created fresh positions after oil strengthened in the Asian trade.
Market analysts said a firming trend overseas — where crude was hovering above $85 a barrel today in Asia after a US supply report gave mixed signs about demand for crude — supported the upside in crude oil prices at the futures trade.
Meanwhile, the American Petroleum Institute said late yesterday that crude inventories fell by 3.3 million barrels last week.
At the Multi Commodity Exchange, crude oil for delivery in September was trading higher by Rs 15 or 0.38 per cent at Rs 3,926 per barrel with a business turnover of 3,552 lots.
Similarly, October contract moved up by Rs 14 or 0.36 per cent to Rs 3,957 per barrel with a trade turnover of 191 lots.
Globally, crude for October delivery gained 4 cents to $85.48 a barrel on the New York Mercantile Exchange.