Taking strong cues from overseas, crude oil futures prices rose by Rs 128 to Rs 4,432 per barrel today as speculators created fresh positions.
Sentiments turned bullish after the oil jumped to its highest level in more than two years in global market as violence intensified in Libya, stoking concern that crude supplies will be disrupted due to the escalating violence around the Middle East and North Africa.
At the Multi Commodity Exchange, crude oil for March contract surged by Rs 128, or 2.97 per cent, to Rs 4,432 per barrel, with a business volume of 20 lots.
Similarly, the oil for delivery in April shot up by Rs 114, or 2.59 per cent, to Rs 4,518 per barrel, with a business turnover of just one lot.
Market analysts said speculators creating positions in line with firm global trends, mainly influenced crude oil futures prices here.
Meanwhile, the crude oil for March contract on the New York Exchange, which expires today, gained $8.29 to $94.49 a barrel.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app