Crude oil climbed 0.95 per cent to Rs 5,092 per barrel in futures market Wednesday as speculators created fresh bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in current month contracts rose by Rs 48, or 0.95 per cent, to Rs 5,092 per barrel in a business turnover of 689 lots.
Analysts said, speculators widened their positions after oil prices surged following a report that crude inventories in the US fell and as looming sanctions against Iran raised expectations of tightening supplies, giving lift to crude oil prices in futures trade here.
Meanwhile, West Texas Intermediate gained 59 cents, or 0.85 per cent to USD 69.84 while Brent crude traded 27 cents, or 0.34 per cent higher at USD 79.33 per barrel.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)