Crude oil prices spurted almost 1 per cent to Rs 3,757 per barrel in futures market on Tuesday as speculators created fresh bets, taking positive cues from Asian markets.
In futures trading at the Multi Commodity Exchange, crude oil for delivery this month rose Rs 37, or 0.99 per cent, to Rs 3,757 per barrel in a business turnover of 1,601 lots.
Likewise, the oil for delivery in January traded higher by Rs 36, or 0.96 per cent, to Rs 3,769 per barrel in 146 lots.
Speculators built fresh positions after Brent crude oil prices jumped above USD 65 per barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts which buoyed sentiments at futures trade here, said analysts.
Meanwhile, West Texas Intermediate gained 31 cents, or 0.50 per cent, to USD 58.305 while Brent crude rose 60 cents, or 0.90 per cent, to USD 65.29 per barrel.