In range-bound trading, crude oil prices shot up by Rs. 33, or 0.88 per cent, to Rs. 3,762 per barrel in futures trade today as speculators created their positions influenced by a firm global trend.
Trading sentiment became buoyant after crude oil rose for the first time in four days as advancing equity markets raised confidence that the economic rebound will stimulate fuel demand.
At the National Commodity and Derivatives Exchange, crude oil for August month shot up by Rs. 33, or 0.88 per cent, to Rs. 3,762 per barrel with an open interest of 128,500 lots.
However, oil for September month held steady at Rs. 3,747 per barrel.
Marketmen said fresh positions created by speculators and reports of rising trend in global markets mainly led to the rise in crude oil prices in futures trade.
Meanwhile, crude oil for September delivery rose 0.9 per cent to $ 81.46 a barrel on the New York Mercantile Exchange.