Crude oil climbed 1.1 per cent to Rs 3,388 per barrel at the futures trade today as speculators widened their bets.
At the Multi Commodity Exchange, crude oil for delivery in April was trading higher by Rs 37 or 1.1 per cent at Rs 3,388 per barrel in a business turnover of 3,319 lots.
Likewise, the oil for delivery in far-month May gained Rs 37 or 1.09 per cent to Rs 3,426 per barrel in 208 lots.
Analysts said traders built up speculative positions at the futures market after crude oil prices jumped as the US’ air strikes against Syria led to concerns about supplies in West Asia.
Meanwhile, West Texas Intermediate for July delivery gained 1.7 per cent to $52.58, while global benchmark Brent was up 1.49 per cent at $55.71 a barrel.