Crude oil futures surged Rs 43 to Rs 3,179 per barrel today as speculators widened their positions after it rebounded in global market.
In futures trading at the Multi Commodity Exchange, crude for delivery in March shot up Rs 43, or 1.37 per cent, to Rs 3,1798 per barrel, with a business turnover of 5,693 lots.
The oil for delivery in April also rose Rs 40, or 1.25 per cent, to Rs 3,233 per barrel, in a turnover of 356 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firm trend overseas where it recouped some losses after a slump in US trading fuelled by oversupply concerns.
Meanwhile, West Texas Intermediate crude prices rose 1.70 per cent, at USD 48.53, while Brent was up 1.43 per cent, at USD 51.65 a barrel at the New York Mercantile Exchange.