Crude oil futures rose 1.24 per cent to Rs 5,396 per barrel today, as speculators enlarged their positions due to a firm global trend.
At the Multi Commodity Exchange, crude oil for delivery in April rose Rs 66 or 1.24 per cent to Rs 5,396 per barrel in 397 lots. Similarly, March contract moved up by Rs 65 or 1.23 per cent to Rs 5,345 per barrel in 8,995 lots.
Analysts attributed the rise in crude futures to buoyant economic data from the US and Germany as well as concerns over Iran’s nuclear programme.
Meanwhile, crude oil for April advanced by 64 cents to $108.47 a barrel on the New York Mercantile Exchange.