Crude oil futures rose sharply by Rs 34 to Rs 2,971 per barrel today as speculators went about creating positions amid a firm trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in May was up by Rs 34 or 1.16 per cent at Rs 2,971 per barrel with a business turnover of 14,200 lots.
The oil for delivery in far-month June gained Rs 31 or 1.03 per cent to Rs 3,043 per barrel in a turnover of 600 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firm trend in Asia where it extended gains as traders await a report on US stockpiles.
Meanwhile, US benchmark West Texas Intermediate crude prices for delivery in June was up 42 cents, or 0.95 per cent, at $44.46 and Brent crude for June rose 48 cents, or 1.05 per cent, to $46.22 a barrel.