Crude oil prices strengthened by 0.74 per cent to Rs 4,374 per barrel in futures trading today as speculators raised their bets, tracking a firming trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in June month went up by Rs 32, or 0.74 per cent to Rs 4,374 per barrel in business turnover of 4,595 lots.
In similar fashion, the metal for delivery in July contracts was trading higher by Rs 32, or 0.73 per cent to Rs 4,387 per barrel in 272 lots.
Analysts said speculators widened positions in tandem with a firm trend overseas where oil prices rose to shake off some of the previous session's losses, supported by plunging exports by OPEC-member Venezuela.
Meanwhile, West Texas Intermediate gained 46 cents, or 0.71 per cent to USD 65.19 per barrel while Brent crude rose 61 cents, or 0.81 per cent to USD 75.97 per barrel.
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