Crude oil prices edged up 0.23 percent to Rs 4,426 per barrel in futures trade on Monday as speculators widened their bets in tandem with a firm trend overseas.
On the Multi Commodity Exchange, crude for delivery in May contracts was up by Rs 10, or 0.23 percent, to Rs 4,426 per barrel in a business turnover of 13,904 lots.
Analysts said the rise in crude oil futures was largely due to raising of bets by participants in the domestic markets.
Globally, the oil prices were upbeat as members of Saudi Arabia-led Opec in a meeting on Sunday in Jeddah signalled an output cut by the end of the year allaying fears of supply glut, according to reports.
Meanwhile, West Texas Intermediate crude prices were trading up 1.31 percent to USD 63.58, while Brent, used to price international oils, was up 1.40 percent at USD 73.22 a barrel on the New York Mercantile Exchange.
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