Crude oil prices rose 1.06 per cent to Rs 3,895 per barrel in futures market Monday as speculators widened positions amid firm global cues.
At the Multi Commodity Exchange, crude oil for delivery in February was trading higher by Rs 41, or 1.06 per cent, at Rs 3,895 per barrel with a business turnover of 5,708 lots.
Analysts attributed the rise in crude oil futures to building up of fresh positions by participants, driven by a firm trend overseas where it crossed the USD 62 mark to trade at a two-month high, supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
Meanwhile, US benchmark West Texas Intermediate crude prices were up 0.39 per cent at USD 54.25 and Brent crude rose 0.38 per cent to USD 62.94 a barrel.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)