Crude oil futures traded higher on MCX, as speculators raised their bets, tracking a firm trend in global markets on strong demand amid ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran.
The contract for May delivery was trading at Rs 4869.00, up by 0.77% or Rs 37.00 from its previous closing of Rs 4832.00. The open interest of the contract stood at 18084 lots.
The contract for June delivery was trading at Rs 4891.00, up by 0.74% or Rs 36.00 from its previous closing of Rs 4855.00. The open interest of the contract stood at 6876 lots on MCX.