Crude oil futures rose 0.96 per cent to Rs 4,084 per barrel today as speculators raised their bets owing to a firm trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in February was trading higher by Rs 39 or 0.96 per cent at Rs 4,084 per barrel in 5,329 lots. On similar lines, crude for delivery in far-month March rose Rs 38 or 0.94 per cent to Rs 4,085 per barrel in a business turnover of 80 lots.
Analysts said rise in crude oil futures was largely in tandem with a firm trend in global market, as a weaker dollar spurred buying of dollar-based commodities. Besides, healthy economic growth as well as the ongoing supply restraint by a group of exporters around OPEC and Russia pushed oil prices up.
Meanwhile, the US benchmark West Texas Intermediate crude price was up 0.64 per cent at $63.95 a barrel and Brent crude, used to price international oils, added 0.54 per cent to $69.40 a barrel.