Tracking a firming global trend, crude oil prices rose by 0.79% to Rs 4,858 per barrel in futures trading today as speculators enlarged their positions.
At the Multi Commodity Exchange, the July contract for crude oil rose by Rs 38, or 0.79%, to Rs 4,858 per barrel, with a business turnover of 11,527 lots.
The August contract edged higher by Rs 37, or 0.76%, to Rs 4,900 per barrel in 1,969 lots.
Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade on hopes that China and the US will take new steps to bolster their economies.
Meanwhile, crude oil for August delivery climbed 17 cents to $88.60 a barrel on the New York Mercantile Exchange.