Crude oil futures traded higher by Rs 13 at Rs 2,575 per barrel today as speculators created positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 13 or 0.51 per cent to Rs 2,575 per barrel with a business turnover of 5,603 lots.
The oil for delivery in May moved up Rs 12 or 0.45 per cent to Rs 2,674 per barrel with a business volume of 297 lots.
Marketmen said a firm trend in Asia, where oil prices were lifted by a weaker dollar after the Federal Reserve chief, Janet Yellen, signalled a cautious approach to the US interest rate hikes, but the rises were tempered by worries about a supply glut, influenced crude prices at futures trade here.
A US energy department report to be released later in the day is expected to show another rise in the US commercial crude stockpiles, indicating softer demand in the world’s top oil consumer.
West Texas Intermediate crude prices for delivery in May advanced 30 cents or 0.78 per cent to $38.58 and Brent crude for May was 18 cents or 0.46 per cent higher at $39.32 a barrel on the New York Mercantile Exchange.
Both contracts had been sliding since the middle of last week after bouncing back from near 13-year lows reached in February.