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Crude oil rebounded by 1.89% to Rs 2,211 per barrel in futures market today as speculators widened their bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in February rose by Rs 51, or 1.89%, to Rs 2,211 per barrel, in a business turnover of 9,392 lots.
Likewise, the oil for delivery in March was trading higher by Rs 38, or 1.66%, to Rs 2,328 per barrel in 500 lots.
Analysts said speculators widened their positions on the back of a rebound in Asian trading, buoyed by a weaker dollar, bargain buying and fresh speculation of a possible output cut by the OPEC producers' group, influenced crude futures here.
Traders brushed aside bearish data showing another increase in US commercial crude inventories, but analysts said any rally in a market awash with barrels of oil is bound to be short-lived.
Meanwhile, West Texas Intermediate for March delivery gained 36 cents, or 1.12%, to $32.64 while Brent crude for April rose 29 cents, or 0.83%, at $35.33. Both contracts closed higher yesterday.
