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Crude oil rose 0.44 per cent to Rs 2,988 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 13, or 0.44 per cent, to Rs 2,988 per barrel, in a business turnover of 6,574 lots.
Likewise, the oil for delivery in far-month November gained Rs 10, or 0.33 per cent, to Rs 3,042 per barrel in 221 lots.
Analysts said speculative positions built up by traders after crude oil prices posted marginal gains in Asia today as an industry report showing a decline in the US stockpiles was offset by worries about the chances of this week's key producers meeting ending with a deal to limit output, influenced sentiments at futures trade.
The American Petroleum Institute (API) said yesterday that the US supplies fell by 7,52,000 barrels last week, fuelling hopes that official figures on Wednesday will also show lower inventories in the world's top economy and oil consumer.
However, there are fears that a deal between Organization of Petroleum Exporting Countries (OPEC) and Russia this week will not be struck when they meet in Algeria to discuss a global supply glut and overproduction that has hammered prices for two years.
Meanwhile, West Texas Intermediate for November delivery gained one cent, at USD 44.68 while global benchmark Brent for November added 21 cents to USD 46.18 a barrel.
