Crude oil climbed 1.13 per cent to Rs 3,215 per barrel at the futures market today as speculators engaged in widening speculative positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 36 or 1.13 per cent to Rs 3,215 per barrel in a business turnover of 5,187 lots.
On similar lines, the oil for delivery in June gained Rs 30 or 0.93 per cent to Rs 3,269 per barrel in 772 lots.
Analysts said enlarging of speculative positions by participants after oil prices pushed towards $50 a barrel in Asian markets today, boosted by supply disruptions from the escalating Canadian wildfires and armed attacks against oil facilities in Nigeria, influenced crude futures.
Wildfires burning around the oil sands hub of Fort McMurray in Alberta, Canada, have been rapidly moving north, forcing firefighters to shift their efforts to protect existing oil facilities.
In Nigeria, Africa’s biggest crude producer, troops have made several arrests following the attacks on an offshore oil facility as the government on Monday moved to avert a labour strike over petrol prices.
Meanwhile, West Texas Intermediate for June delivery rose 486 cents, or 1.01 per cent, to $48.20, while global benchmark Brent for July delivery climbed 25 cents, or 0.51 per cent, to $49.22 a barrel.