Crude oil prices rose sharply by Rs 81 to Rs 2,283 per barrel at the futures trade today due to widening of positions by speculators, even as the prices fell in global markets.
At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 81 or 3.68 per cent at Rs 2,283 per barrel with a business turnover of 6,936 lots.
The oil for far-month April delivery also moved up Rs 76 or 3.24 per cent to Rs 2,422 per barrel with a business volume of 15 lots.
Marketmen attributed the rise in crude oil futures to widening of positions by speculators.
Meanwhile, West Texas Intermediate (WTI) crude prices for April delivery fell nine cents to $32.06 per barrel in yesterday’s trade, while Brent for April also lost 18 cents to $34.23 a barrel on the New York Mercantile Exchange.
Crude prices shot up in late trade yesterday on reports that Venezuela’s oil minister, Eulogio Del Pino, said that his country was preparing to meet in March with other producers to discuss ways to stabilise the market.