Crude oil was trading higher 0.52 per cent to Rs 4,079 per barrel in futures market Friday as speculators widened their positions, taking positive cues from overseas markets.
At the Multi Commodity Exchange, crude for delivery in March contract rose by Rs 21, or 0.52 per cent, to Rs 4,079 per barrel, having a business turnover of 5,007 lots.
Analysts said speculators raising their bets after oil prices rose overseas toward fresh three-month highs following unexpected drop in US inventories of crude oil, mainly supported the upside in crude prices in futures trade here.
Meanwhile, West Texas Intermediate gained 0.31 per cent to USD 57.40, while international Brent crude rose 0.36 per cent to USD 66.55 per barrel on the New York Mercantile Exchange.
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