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Crude oil futures spurted Rs 60 to Rs 2,316 per barrel today after speculators widened their bets, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 60 or 2.66 per cent at Rs 2,316 per barrel with a business turnover of 630 lots.
Similarly, the oil for February delivery also moved up Rs 53 or 2.46 per cent to Rs 2,211 per barrel with a business volume of 9,177 lots.
Stimulus measures
Marketmen attributed the rise in crude oil futures to a firm trend in Asian trade where it extended its rally buoyed by hopes of extra stimulus measures in the euro zone and Japan that could help boost demand in the face of a global supply glut.
Meanwhile, West Texas Intermediate crude prices for March delivery soared 14 cents to $32.33 a barrel, while Brent gained 17 per cent to $32.35 a barrel in Asian trade on the New York Mercantile Exchange.
Prices had ended on a buoyant note on Friday. The US benchmark West Texas Intermediate (WTI) for March delivery gained nine per cent to $32.19 a barrel, while Brent soared 10 per cent to $32.18.
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