Crude oil rose 0.44 per cent to Rs 2,988 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 in October was trading higher by Rs 13 or 0.44 per cent at Rs 2,988 per barrel in a business turnover of 6,574 lots.
Likewise, the oil for delivery in far-month November gained Rs 10 or 0.33 per cent to Rs 3,042 per barrel in 221 lots.
Analysts said speculative positions built up by traders on positive Asian cues influenced the trading sentiment here.
Crude oil prices posted marginal gains in Asia today as an industry report showing a decline in the US stockpiles was offset by worries about the chances of this week’s key producers meeting ending with a deal to limit output.
The American Petroleum Institute (API) had said yesterday that the US supplies fell by 7,52,000 barrels last week, fuelling hopes that official figures on Wednesday will also show lower inventories in the world’s top economy and oil consumer.
However, there are fears that a deal between Organization of Petroleum Exporting Countries (OPEC) and Russia this week will not be struck when they meet in Algeria to discuss a global supply glut and overproduction that has hammered prices for two years.
Meanwhile, West Texas Intermediate for November delivery gained one cent to $44.68 while global benchmark Brent for November added 21 cents to $46.18 a barrel.