Crude oil surged 1.20 per cent to Rs 3,292 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets.
In futures trading at the Multi Commodity Exchange, crude oil for delivery in June was trading higher by Rs 39, or 1.20 per cent, to Rs 3,292 per barrel in a business turnover of 3,743 lots.
Likewise, the oil for delivery in July gained Rs 38, or 1.15 per cent, to Rs 3,341 per barrel in 144 lots.
Analysts said fresh positions built up by traders after oil prices pushed higher in Asian trade today thanks to a softer dollar after last week's well-below-forecast US jobs report, mainly influenced crude futures here.
The US labour department said Friday that just 38,000 new jobs were created last month, a quarter of what was expected and scything any chance of an interest rate hike any time soon.
With borrowing costs not seen to rise before September at the earliest, the dollar tumbled, making oil cheaper for anyone buying it with other currencies.
Meanwhile, West Texas Intermediate gained 45 cents, or 0.93 per cent, to USD 49.07 while global benchmark Brent was up 35 cents, or 0.71 per cent, to USD 49.99 a barrel.
The black gold is up about 85 per cent from the near 13- year lows touched at the start of the year, and key producer Abu Dhabi said the supply glut that had hammered prices is easing quicker than expected.
