Widening of bets at current levels helped crude oil prices at the domestic market.
New Delhi: Crude oil prices gained 1.13 per cent to Rs 4,312 per barrel in futures trade on Wednesday on upbeat global cues.
Widening of bets at current levels helped crude oil prices at the domestic market. However, the fears of escalation in trade war between the US and China capped the gains.
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.
Similarly, crude for delivery in June firmed up by Rs 55, or 1.28 per cent, to Rs 4,341 per barrel in 1,107 lots.
Globally, oil prices rose as markets remained relatively tight amid US sanctions on Iran and Venezuela for exporting crude.
The US benchmark West Texas Intermediate rose by USD 0.48, or 0.78 per cent, to USD 61.88, while Brent crude was trading higher by USD 0.34, or 0.49 per cent, at USD 70.22 a barrel.