Crude oil futures rose Rs 26 to Rs 4,800 per barrel today as speculators increased their positions owing to a firm trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in September was up Rs 26, or 0.54 per cent, at Rs 4,800 per barrel, with a business turnover of 1,359 lots. The oil for delivery in October gained Rs 24, or 0.50 per cent, to Rs 4,796 per barrel, in a turnover of 47 lots.
Oil prices rose on Friday as US sanctions on Iran are expected to cut significant volumes of crude from the market, but trading was muted by concerns over the trade dispute between Washington and Beijing.
Meanwhile, US benchmark West Texas Intermediate crude prices were up by 45 cents, or 0.66 per cent, at $68.28 and Brent crude rose 37 cents, or 0.49 per cent, to $75.46 a barrel.