Analysts said raising of bets by participants on a strong overseas trend, coupled with good domestic demand, kept crude prices higher.
On the Multi Commodity Exchange, crude oil contracts for delivery in May gained Rs 48, or 1.13 per cent, to Rs 4,312 per barrel with a business turnover of 17,678 lots.
New Delhi: Crude oil futures rose 3.88 per cent to Rs 3,721 per barrel on Friday as speculators raised their bets on hardening of oil prices overseas.
At the Multi Commodity Exchange, crude oil contracts for June delivery traded higher by Rs 139, or 3.88 per cent, at Rs 3,721 per barrel in 20,580 lots.
Analysts said raising of bets by participants on a strong overseas trend, coupled with good domestic demand, kept crude prices higher at futures trade here.
Globally, the US benchmark West Texas Intermediate crude strengthened 1.54 per cent to USD 53.40 per barrel, while Brent crude gained 1.51 per cent to USD 62.60 per barrel.
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