Crude oil was trading higher 0.91 per cent to Rs 3,753 per barrel in futures market Tuesday as speculators created fresh bets, taking positive cues from overseas markets.
At Multi Commodity Exchange, crude oil for delivery in February rose by Rs 34 or 0.91 per cent to Rs 3,753 per barrel in a business turnover of 6,592 lots.
Analysts said speculators built fresh positions after oil prices rose overseas amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although surging US production and concerns over economic growth kept markets in check. This mainly led to rise in crude oil prices in futures trade here.
Meanwhile, West Texas Intermediate gained 0.65 per cent to USD 52.75 while Brent crude rose 0.76 per cent to USD 61.98 per barrel.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)