At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 81, or 3.68 per cent, at Rs 2,283 per barrel, with a business turnover of 6,936 lots.
The oil for far-month April delivery also moved up Rs 76, or 3.24 per cent, to Rs 2,422 per barrel, with a business volume of 15 lots.
Marketmen attributed the rise in crude oil futures to widening of positions by speculators despite it dropped overseas.
Crude prices shot up in late trade yesterday on reports that Venezuela's oil minister, Eulogio Del Pino, said that his country was preparing to meet in March with other producers to discuss ways to stabilize the market.
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