New Delhi | Crude oil rose by Rs 48 to Rs 3,040 per barrel in futures market on Monday as speculators indulged in creating speculative positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in December was trading higher by Rs 48, or 1.60 per cent, to Rs 3,040 per barrel, in a business turnover of 415 lots.
Likewise, the oil for delivery in November gained Rs 47, or 1.60 per cent, to Rs 2,987 per barrel in 7,496 lots.
Analysts said speculative positions created by traders as oil prices edged up in Asia on Monday after Algeria’s energy minister said he remains confident that the Organization of Petroleum Exporting Countries will set output quotas at its next meeting to manage production.
Meanwhile, West Texas Intermediate gained 68 cents, or 1.54 per cent, to USD 44.75 while global benchmark Brent was up 68 cents, or 1.49 per cent cent to USD 46.26 a barrel.