Crude oil prices rose 1.65 per cent to Rs 2,960 per barrel at the futures market today as speculators created fresh bets, taking positive cues from global markets.
At the Multi Commodity Exchange, crude oil for delivery in July was trading higher by Rs 48 or 1.65 per cent at Rs 2,960 per barrel in a business turnover of 1,893 lots.
Likewise, the oil for delivery in August was trading up by Rs 47 or 1.6 per cent at Rs 2,983 per barrel in 61 lots.
Analysts said speculators built fresh positions after oil prices rallied overseas as the US officials lowered their domestic oil production outlook for next year.
The Energy Information Administration (EIA) has cut the 2018 US oil output forecast by 1 per cent to 9.9 mln bbls/day.
Meanwhile, West Texas Intermediate was up 74 cents or 1.64 per cent at $45.78, while Brent crude gained 70 cents or 1.47 per cent to $48.22 per barrel.