Crude oil futures spurted Rs 74 to Rs 2,276 per barrel today after participants widened their bets, tracking a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 74 or 3.36 per cent at Rs 2,276 per barrel with a business turnover of 815 lots.
Crude for this month delivery also moved up Rs 65 or 3.19 per cent to Rs 2,102 per barrel with a business volume of 5,854 lots.
Marketmen attributed the rise in crude oil futures to a firm trend in Asian trade where Brent broke past $34 a barrel on expectations that energy heavyweights Russia and Saudi Arabia will discuss the global oversupply issue in a Doha meeting.
European benchmark Brent crude for April delivery was trading $1.15 or 3.44 per cent higher at $34.54 a barrel.
Meanwhile, West Texas Intermediate crude prices for March delivery jumped $1.33 or 4.52 per cent to $30.77 a barrel compared to its Friday close. There was no settlement in the New York Mercantile Exchange yesterday due to a public holiday in the US.