New Delhi, Feb 18 (PTI) Crude oil prices rose 1.4 per cent to Rs 4,047 per barrel in futures market Monday as speculators created fresh positions taking positive cues from the overseas market. Also Read - 'This is God': Mysterious Gold, Silver Jewelry Washes up on Venezuelan Beach; Villagers Are Overjoyed

At the Multi Commodity Exchange, crude oil for delivery in March contracts rose by Rs 56, or 1.4 per cent, to Rs 4,047 per barrel in a business turnover of 3,640 lots. Also Read - Trump Identifies India, 20 Other Nations As Major Drug Transit Or Major Illicit Drug-Producing Countries

Crude to be delivered in April also gained Rs 44, or 1.09 per cent, to trade at Rs 4,090 per barrel in 131 lots. Also Read - In Wake of Historic OPEC Deal, Country With The World’s Largest Oil Reserves Struggles to Survive

Analysts said speculators built positions after oil prices gained steam in global market over reports of production cut from OPEC and expected impact of US sanctions on Venezuela on global oil supply.

A couple of bullish oil price forecasts also led to speculators widening positions.

Globally, West Texas Intermediate for March delivery gained 0.85 per cent to USD 56.06, while Brent crude for April rose 0.57 per cent to USD 66.63 per barrel.

This is published unedited from the PTI feed.