Crude oil prices rose by Rs 40 to Rs 5,043 per barrel in futures trade on Thursday on firming trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in June rose by Rs 40, or 0.80 per cent, to Rs 5,043 per barrel, with a business turnover of five lots.
Similarly, the oil for delivery in May moved up by Rs 38, or 0.77 per cent, to Rs 4,989 per barrel, with an open interest of 16 lots.
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Analysts attributed the rise in crude oil futures prices to a firming global trend on hopes of increased demand from Japan, as the world’s third biggest economy starts to rebuild from last month’s devastating quake and tsunami disasters.
Meanwhile, New York’s main contract, crude oil for delivery in June rose by 53 cents to USD 111.98 a barrel.
