At the Multi Commodity Exchange, crude oil for delivery in February was trading higher by Rs 41, or 1.06 per cent, at Rs 3,895 per barrel with a business turnover of 5,708 lots.
Analysts attributed the rise in crude oil futures to building up of fresh positions by participants, driven by a firm trend overseas where it crossed the $62 mark to trade at a two-month high, supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
Meanwhile, US benchmark West Texas Intermediate crude prices were up 0.39 per cent at $54.25 and Brent crude rose 0.38 per cent to $62.94 a barrel.
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