Crude oil futures traded 0.85 per cent higher at Rs 4,037 per barrel at the futures market as speculators raised their bets, taking positive cues from global market.
At the Multi Commodity Exchange, crude oil for delivery in January rose Rs 34 or 0.85 per cent to Rs 4,037 per barrel in a business turnover of 2,234 lots. Likewise, the oil for delivery in February was trading higher by Rs 29 or 0.72 per cent at Rs 4,035 per barrel in 114 lots.
Analysts said speculators created fresh positions on the back of a firm trend overseas, where crude surged to over three-year high, backed by OPEC-led output cuts, a dip in the US rig count and on hopes of fall in US crude inventories for an eighth week.
Meanwhile, West Texas Intermediate gained 2.64 per cent to $63.36 per barrel, while Brent crude climbed 2.04 per cent to $69.16.