NEW DELHI, May 17: Crude oil rose 0.58 per cent to Rs 4,848 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 28, or 0.58 per cent, to Rs 4,848 per barrel, in a business turnover of 1,741 lots.
Analysts said traders built up speculative positions on positive global cues after US crude stockpiles fell last week as exports hit a record high and refineries ramped up output.
Meanwhile, West Texas Intermediate was up 24 cents, or 0.34 per cent to USD 71.73, while global benchmark Brent added 11 cents, or 0.14 per cent to USD 79.39 a barrel. (PTI)
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