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Crude oil futures rose sharply by 1.85 per cent to Rs 3,746 per barrel today as speculators raised their bets amid a firm trend overseas.
At the Multi Commodity Exchange, crude oil for December delivery was trading higher by Rs 68 or 1.85 per cent at Rs 3,746 per barrel in 4,868 lots. On similar lines, crude oil for delivery in January next year rose Rs 58 or 1.19 per cent at Rs 3,752 per barrel in a business turnover of 114 lots.
Analysts said rise in crude oil futures was largely in tandem with a firm trend in global market as the ongoing cuts of piped Canadian crude to the United States added to falling US crude inventories, while expectations of a prolonged OPEC- led production cut also offered support.
Meanwhile, at the US benchmark West Texas Intermediate crude prices surged 85 cents or 1.5 per cent to $57.68 a barrel, and Brent crude climbed 40 cents or 0.6 per cent to $62.97 a barrel.
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