Crude oil prices rose 0.13 percent to Rs 3,972 per barrel on March 12 as speculators created fresh positions amid positive cues from global markets. Oil prices maintained a steady streak as a report about decline in US commercial crude inventories influenced oil prices, traders said. The prices gained further steam with the OPEC assurance of supply cut continuing till June and rise in demand.
At the Multi Commodity Exchange(MCX), crude for delivery in March was trading higher by Rs 5, or 0.13 percent, at Rs 3,972 per barrel in a business turnover of 3,694 lots.
Meanwhile, West Texas Intermediate gained 0.33 percent to $56.98, while Brent crude, the international benchmark, recovered 0.23 percent to $66.73 per barrel on March 12.