Domestic crude oil futures shot 4% to hit upper circuit at Rs 2,076 a barrel on the Multi Commodity Exchange today after surging nearly 15% in the global markets on slowdown in refinery activity.
The most active January contract gained 4% to hit the upper circuit at Rs 2,076 a barrel in a turnover of 7,179 lots.
February crude also surged 4% to hit upper circuit at Rs 2,273 with a turnover of 763 lots.
International crude for February traded at $5.57 a barrel, up nearly 15 per cent, to $44.60 on the New York Mercantile Exchange last night.
Market analysts said fears of tight fuel supply after reports that weekly US inventory data showed a decline in refinery activity mainly attributed rise in crude prices at the futures market here.
Crude prices have slipped from a peak of over $147 a barrel in July to almost $34 last week before recovering to about $45 a barrel.
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