Crude oil futures rose by Rs 25 to Rs 3,296 per barrel today as speculators raised their bets amid a firm trend overseas.
In the futures trading at Multi Commodity Exchange, crude for delivery in July was trading higher by Rs 25, or 0.76 per cent, to Rs 3,296 per barrel, with a business turnover of 4,239 lots.
The oil for delivery in August also rose Rs 25, or 0.75 per cent, to Rs 3,357 per barrel, in a turnover of 134 lots.
Analysts said a firming trend in Asian trade where crude prices edged up on Monday, building on recent gains with Brent holding above $ 50 after Nigerian militants claimed fresh attacks on the country’s oil infrastructure, influenced crude futures here.
Prices see-sawed last week, plunging in the immediate aftermath of Britain’s shock decision to leave the European Union but rallying after central banks worldwide vowed support to financial markets.
Meanwhile, West Texas Intermediate crude prices rose 4 cents, to $49.03, while Brent gained seven cents, to $50.42 per barrel at the New York Mercantile Exchange.