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 - Gold Prices Down on Sixth Consecutive Day by 0.05% to Rs 37,551 Per 10 Gram on MCX
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 - Venkaiah Naidu Holds Discussions With Venezuelan President on Sidelines of NAM Summit
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 - Russia, Venezuela Agree to Visits of Warships to One Another's Ports
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.