Analysts said the rise in crude oil futures was largely in tandem with a firm trend in the global market.
The ratings agency said that higher crude prices would also test the Centre's resolve to keep prices of auto-fuels at market-determined levels, which would have material implications for private marketers.
New Delhi: Crude oil prices rose 0.95 per cent to Rs 3,920 per barrel in futures trade on Wednesday as speculators raised their exposure, tracking a rebound in global market.
On the Multi Commodity Exchange, crude contracts for September delivery went up by Rs 37, or 0.95 per cent, to Rs 3,920 per barrel in a business turnover of 19,091 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firm trend in the global market.
Meanwhile, West Texas Intermediate rose 0.48 per cent to USD 54.20. However, international benchmark Brent fell 0.38 per cent to USD 58.48 per barrel at New York Mercantile Exchange.
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