Crude oil futures rose Rs 72 to Rs 3,272 per barrel today as speculators widened their positions amid a mixed trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in August was trading higher by Rs 72 or 2.25 per cent at Rs 3,272 per barrel with a business turnover of 1,269 lots.
The oil for delivery in July also rose Rs 71 or 2.26 per cent to Rs 3,207 per barrel in a turnover of 24,248 lots.
Analysts said a rebound in oil prices in Asia today on bargain-hunting helped recovery in crude futures here, but tremors from Britain’s shock vote last week to leave the European Union continue to weigh on the sentiment.
Financial markets are still reeling from Brexit’s fallout as investors sell riskier assets and flock to safe bets amid global economic uncertainty.
Asian stock markets resumed their losses early today, extending another sharp sell-off in Europe and New York.
Meanwhile, West Texas Intermediate crude prices for August delivery rose 64 cents, or 1.38 per cent, to $46.97, while Brent crude for August delivery gained 60 cents, or 1.27 per cent, to $47.76 per barrel at the New York Mercantile Exchange.
Both contracts had closed lower on Monday.