Crude oil futures spurted 0.95 per cent to Rs 4,461 per barrel today after participants widened their bets, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in July was trading higher by Rs 42 or 0.95 per cent at Rs 4,461 per barrel with a business turnover of 4,156 lots.
The August contract also moved up by Rs 36, or 0.81 per cent to Rs 4,460 per barrel with a business volume of 179 lots.
Marketmen attributed the rise in crude oil futures to a firming trend overseas, supported by a drop in US commercial crude inventories reported by the American Petroleum Institute (API).
US crude inventories fell by 3 million barrels in the week to June 15 to 430.6 million barrels, according to the weekly API report published on Tuesday.
Meanwhile, West Texas Intermediate crude prices for August delivery rose 27 cents, or 0.40 per cent, to trade at USD 65.34 a barrel while Brent crude was up 22 cents, or 0.30 per cent, to USD 75.30 per barrel on the New York Mercantile Exchange.
