Crude oil prices rose 2.01 per cent to Rs 3,704 per barrel Wednesday as speculators created fresh positions amid positive cues.
Crude oil prices rose 2.01 per cent to Rs 3,704 per barrel Wednesday as speculators created fresh positions amid positive cues.
Oil prices rose on ahead of OPEC meet next week at which some form of supply cut is expected to counter an emerging glut.
At the Multi Commodity Exchange, crude for delivery in December was trading higher by 2.01 per cent, to Rs 3,704 per barrel in a business turnover of 3,694 lots.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures were at USD 51.88 per barrel up 0.6 per cent from their last settlement. International Brent crude oil futures were up 44 cents, or 0.7 per cent, at USD 60.65 per barrel.
The Organization of the Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna, Austria, on December 6 to discuss output policy.
The OPEC-meeting will follow a gathering by the G20 nations in Argentina this weekend, at which the US-China trade dispute as well as oil policy are expected to be discussed.
Record Saudi oil production pulled down crude prices on Tuesday amid cautious trading ahead of the G20 gathering that starts in Argentina on Friday and next week's Opec meeting in Austria.
Analysts said continuous off-loading of holdings by participants in line with a weakening trend in global crude mainly weighed on crude prices at futures trade here.
Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.
The West Texas Intermediate (WTI) crude futures were at $51.21 per barrel, down 42 cents, or 0.8 percent., while Brent crude, briefly dipped below $60 per barrel before edging back to $60.10 per barrel at 0147 GMT, still down 38 cents, or 0.6 percent, from their last close.
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 "Oil prices rise 2.01% on cautious global cues")
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