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Crude oil futures prices rose notably by 1.22 per cent to Rs 3,165 per barrel today as speculators engaged in enlarging positions, tracking a firming trend in Asia.
On the Multi Commodity Exchange, crude oil for delivery in March traded higher by Rs 38 or 1.22 per cent higher at Rs 3,165 per barrel with a business turnover of 263 lots.
Similarly, the oil for February delivery also moved up by Rs 37 or 1.21 per cent to Rs 3.090 per barrel with a business volume of 3,352 lots.
Analysts attributed the rise in crude oil futures to a firm trend in Asia, extending gains from the previous day after US firms cut drilling activity.
Meanwhile, West Texas Intermediate (WTI) crude prices for March delivery rose 37 cents to $49.94, while Brent crude for March gained 22 cents to $54.97 a barrel in late morning trade on the New York Mercantile Exchange.
WTI crude had yesterday punched through the psychological mark of $50 a barrel before closing at $49.57, while Brent tested $55 mark before ending at $54.75.
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