Crude oil futures traded higher by 0.45 per cent to Rs 3,574 per barrel in futures market today as speculators widened their bets, taking positive cues from global market.
At the Multi Commodity Exchange, crude oil for delivery in February rose Rs 16, or 0.45 per cent, to Rs 3,574 per barrel, in a business turnover of 957 lots.
Likewise, the oil for delivery in far-month March was trading higher by Rs 13, or 0.36 per cent, to Rs 3,633 per barrel in 18 lots.
Analysts said, speculators widened their positions on the back of a firm trend overseas after a report showed that crude stockpiles at the biggest US storage hub dropped the most since October, which influenced crude futures here.
Meanwhile, West Texas Intermediate gained 0.29 per cent, to USD 51.52 per barrel, while Brent crude rose 0.44 per cent at USD 54.40.
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