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Crude oil rose 0.78 per cent to Rs 3,371 per barrel at the futures market today as speculators widened their bets, taking positive cues from the Asian markets.
At the Multi Commodity Exchange, crude oil for delivery this month was trading higher by Rs 26 or 0.78 per cent at Rs 3,371 per barrel in a business turnover of 2,706 lots.
Likewise, the oil for delivery in July gained Rs 25 or 0.74 per cent to Rs 3,420 per barrel in 276 lots.
Analysts said speculative positions built up by traders after crude oil prices held above $50 in Asia influenced the trading sentiment here.
Trading sentiment was buoyed as traders awaited the US inventory data and as the dollar remained weak.
The market hopes that the US Department of Energy weekly crude inventory numbers will drop further after recent losses, with an anticipated fall of 3.25 million barrels.
Meanwhile, West Texas Intermediate for July delivery gained 11 cents to $50.47, while global benchmark Brent was up three cents at $51.47 a barrel
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