Analysts said speculative positions created by traders led to the rise in oil prices.
New Delhi: Crude oil prices rose by Rs 22 to Rs 4,044 per barrel in futures market on Tuesday as speculators created fresh positions, taking positive cues from physical spot market.
On the Multi Commodity Exchange, crude for delivery in August was trading higher by Rs 22, or 0.55 per cent, at Rs 4,044 per barrel in a business turnover of 23,535 lots.
Analysts said speculative positions created by traders led to the rise in oil prices.
Globally, however, West Texas Intermediate was trading lower 0.16 per cent to USD 56.30, while global benchmark Brent was up 0.13 per cent to USD 59.82 per barrel.
Next Story
