Crude oil was trading higher by 0.83 per cent at Rs 4,855 per barrel in futures market today as speculators created fresh bets, taking positive cues from Asian markets.
At Multi Commodity Exchange, crude oil for delivery in
July rose by Rs 40 or 0.83 per cent to Rs 4,855 per barrel in a business turnover of 2,121 lots.
Likewise, the oil for delivery in far-month August traded higher by Rs 37 or 0.78 per cent to Rs 4,790 per barrel in 102 lots.
Analysts said speculators built fresh positions after oil
prices rose in Asia as the US pressured allies to stop buying Iranian crude. This mainly led to rise in crude oil prices in futures trade here.
Meanwhile, West Texas Intermediate gained 28 cents, or 0.40 per cent to USD 70.81 while Brent crude rose 37 cents, or 0.48 per cent to USD 76.68 per barrel.
