Crude oil futures rose Rs 40 to Rs 3,218 per barrel today as speculators raised bets amid positive global cues.
At the Multi Commodity Exchange, crude oil for delivery in current month gained Rs 40 or 1.26 per cent to Rs 3,218 per barrel with a business turnover of 4,370 lots.
The oil for April delivery moved up Rs 36 or 1.11 per cent to Rs 3,267 per barrel with a business volume of 429 lots.
Market analysts said that the rise in crude oil futures was largely in tune with a firm trend overseas after government data confirmed a drop in US oil inventories.
Meanwhile, West Texas Intermediate crude prices advanced 28 cents or 0.57 per cent to $49.14, while Brent crude gained 33 cents or 0.64 per cent to $52.14 a barrel on the New York Mercantile Exchange.