Crude oil rose Rs 16 to Rs 3,061 per barrel at the futures market today as speculators indulged in creating speculative positions, taking positive cues from global markets.
At the Multi Commodity Exchange, crude oil for delivery in September was trading higher by Rs 16 or 0.53 per cent at Rs 3,061 per barrel in a business turnover of 2,244 lots. Likewise, the oil for delivery in October gained Rs 16 or 0.52 per cent to Rs 3,110 per barrel in 91 lots.
Analysts said speculative positions created by traders as prices picked up in global oil market after taking a beating on Friday on concerns that demand in Florida, one of the biggest crude consumers in the US, would be hit.
Meanwhile, West Texas Intermediate gained 38 cents or 0.8 per cent to $47.86, while global benchmark Brent was up 27 cents or 0.5 per cent at $54.05 a barrel.