New Delhi: Crude oil futures rose sharply by 2.38 per cent to Rs 3,134 per barrel today as speculators raised their bets amid a firm trend overseas.
Analysts said rise in crude oil futures was largely in tandem with a firming trend in Asia after the OPEC producers’ group surprised the market with a deal to slash output.
At the end of six hours of negotiations and weeks of horse trading, OPEC announced the plan to cut production to a level of 32.5-33 million barrels per day (bpd) from 33.47 billion bpd in August, the International Energy Agency (IEA) said.
The informal meeting was held on the sidelines of an IEA meeting in a bid to stabilise prices that have been battered by a stubborn supply glut since 2014.
Oil prices soared by as much as six per cent following the news and extended gains in Asian trade today although at a slower pace.
In futures trading at the Multi Commodity Exchange, crude oil for delivery in most-active October was trading notably higher by Rs 73, or 2.38 per cent higher, at Rs 3,134 per barrel, clocking a business turnover of 9,704 lots.
On similar lines, crude for delivery in far-month November rose Rs 71, or 2.28 per cent, to Rs 3,187 per barrel, in a business volume of 329 lots.
Meanwhile, the US benchmark West Texas Intermediate crude prices for delivery in November was up 23 cents at USD 47.29 a barrel and Brent crude for November added 22 cents to USD 48.91 a barrel.