Traders said oil prices remained firm on OPEC's supply cuts.
OPEC and non-OPEC Arab oil ministers agreed on the need for continued cooperation to balance global supply.
New Delhi: Crude oil prices rose 0.81 per cent to Rs 3,995 per barrel Monday as speculators created fresh positions amid positive cues from global markets.
Traders said oil prices remained firm on OPEC's supply cuts, US sanctions against Venezuela coupled with healthy domestic demand.
At the Multi Commodity Exchange, crude for delivery in February was trading higher by Rs 32, or 0.81 per cent, at Rs 3,995 per barrel in a business turnover of 3,694 lots.
Meanwhile, West Texas Intermediate gained 0.69 per cent to USD 55.64 per barrel, while Brent crude, the international benchmark, recovered 0.96 per cent to USD 63.35 per barrel.
( Source : PTI )
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