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Crude oil futures traded 1.46 per cent higher at Rs 2,565 per barrel today as speculators created positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery this month was trading higher by Rs 37 or 1.46 per cent at Rs 2,565 per barrel with a business turnover of two lots.
Similarly, the oil for delivery in January next year was up Rs 31 or 1.17 per cent to Rs 2,680 per barrel with a business volume of 2,270 lots.
Marketmen said the rise in crude oil futures is largely in tandem with a better trend in Asia but remained near multi-year lows ahead of a report on US crude inventories in a market weighed down by oversupply.
West Texas Intermediate crude prices for delivery in January advanced 58 cents to $38.09 a barrel and Brent for January delivery rose 48 cents to $40.74 on the New York Mercantile Exchange, as dealers hunted for bargains after prices fell to their lowest in nearly seven years this week.
On Tuesday, Brent dropped briefly below $40 a barrel for the first time since February 2009.
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