Buoyed by positive Asian cues on hopes of big fall in US crude reserves, crude oil futures prices rose Rs 44 to Rs 3,898 per barrel today as speculators took to enlarging positions.
In futures trading at Multi Commodity Exchange, crude oil for delivery in June contracts was trading higher by Rs 44, or 1.14 per cent, at Rs 3,898 per barrel, with a business turnover of 1,393 lots.
The oil for July also moved up by Rs 39, or 1 per cent, to Rs 3,946 per barrel, with a business volume of 72 lots.
Market analysts attributed the rise in crude oil futures to a firming trend in Asia on expectations of a huge decline in US crude reserves, signaling that demand is improving in the world's top economy and a global supply glut could soon end.
Meanwhile, West Texas Intermediate crude prices for July delivery rose 79 cents to USD 60.93 a barrel while Brent also gained 61 cents to USD 65.49 a barrel in mid-morning trade on the New York Mercantile Exchange.