Crude oil prices rose sharply by Rs 62 to Rs 3,279 per barrel at the futures trade today as speculators widened their bets after it extended recent rally in Asia.
On the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 62 or 1.71 per cent at Rs 3,279 per barrel with a business turnover of 8,967 lots.
The oil for November delivery also moved up Rs 55 or 1.68 per cent to Rs 3,329 per barrel with a business volume of 910 lots.
Marketmen attributed the rise in crude oil futures to a firm trend in Asian trade on hopes that increasing demand and a decline in US crude production would ease a supply glut that has depressed the market for more than a year.
Meanwhile, West Texas Intermediate crude prices for November delivery climbed 0.49 per cent to $49.67 a barrel, while Brent crude for November delivery also advanced 0.45 per cent to $53.29 a barrel in late-morning trade on the New York Mercantile Exchange.
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