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Crude oil prices climbed by Rs 48 to Rs 2,618 per barrel today as speculators widened their positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in February gained Rs 48, or 1.87%, to Rs 2,618 per barrel, with a business turnover of 186 lots.
The oil for the January delivery shot up by Rs 41, or 1.65%, to Rs 2,521 per barrel, with a business volume of 3,399 lots.
Marketmen said the rise in crude oil futures was largely in tandem with firming trend in Asia after crude kingpin Saudi Arabia cut diplomatic ties with Iran following a row over Tehran's execution of a Shiite cleric.
Saudi Arabia announced the decision yesterday, a day after protesters ransacked its embassy in Tehran over the execution of a Shiite cleric.
Meanwhile, West Texas Intermediate crude for February advanced by 48 cents, or 1.30%, to $37.52, while Brent for February rose 61 cents, or 1.64%, to $37.89 a barrel on the New York Mercantile Exchange.
