Crude oil futures surged by Rs 40 to Rs 2,729 per barrel today as speculators widened positions amid a firm trend overseas due to geopolitical tensions sparked by the deadly terror attacks in Paris.
On the Multi Commodity Exchange, crude oil for delivery in November shot up Rs 40 or 1.49 per cent to Rs 2,729 per barrel with a business turnover of 3,425 lots.
Similarly, the oil for delivery in December also climbed Rs 35 or 1.25 per cent to Rs 2,836 per barrel in a turnover of 492 lots.
The rise in crude oil futures was largely in tandem with a firm trend in Asian trade where it climbed today due to geopolitical tensions sparked by the deadly terror attacks in Paris but analysts said a global crude supply glut is likely to restrict any gains.
French warplanes had pounded the Islamic State group’s de facto capital in Syria on Sunday in retaliation to the carnage in the French capital claimed by the jihadists, sparking fears of escalating tensions in the oil-producing but politically volatile West Asia.
Meanwhile, West Texas Intermediate crude for December delivery rose 27 cents to $41.01, while Brent crude for January, a new contract, was trading 50 cents higher at $44.97 per barrel on the New York Mercantile Exchange.