Crude oil prices spurted almost 1 per cent to Rs 3,757 per barrel at the futures market today as speculators created fresh bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery this month rose Rs 37 or 0.99 per cent to Rs 3,757 per barrel in a business turnover of 1,601 lots. Likewise, the oil for delivery in January traded higher by Rs 36 or 0.96 per cent at Rs 3,769 per barrel in 146 lots.
Speculators built fresh positions after Brent crude oil prices jumped above $65 per barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts.
Meanwhile, West Texas Intermediate gained 31 cents or 0.5 per cent to $58.305, while Brent crude rose 60 cents or 0.9 per cent to $65.29 per barrel.