Continuing its upward march, crude oil rose another 1.14 per cent to Rs 2,138 per barrel at the futures market today as speculators indulged in widening their bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in February advanced Rs 24 or 1.14 per cent to Rs 2,138 per barrel in a business turnover of 2,114 lots.
Likewise, the oil for delivery in March traded higher by Rs 26 or 1.04 per cent to Rs 2,308 per barrel in 2,282 lots.
Analysts attributed the persistent rise in crude prices to a firm trend in Asian trade today where it extended gains, as traders welcomed comments from Iran’s oil minister praising a conditional agreement between Saudi Arabia and Russia to freeze output levels, fuelling hopes of stability in the commodities market.
On Tuesday, Saudi Arabia and Russia, the two biggest producers in the world, had agreed to limit their pumping but only if others followed suit.
Meanwhile, West Texas Intermediate (WTI) crude for February contract was higher by 58 cents or 1.89 per cent at $31.24, while Brent crude for April delivery climbed 37 cents or 1.07 per cent to $34.87 a barrel.
On Wednesday, WTI crude had jumped more than seven per cent, while Brent had added 5.6 per cent.