Crude oil futures traded higher on MCX as speculators raised their bets, tracking a firm trend in global markets on concerns that Venezuela's crude output could drop further following a disputed presidential election and potential US sanctions on the OPEC-member. The United States also toughened its stance on Iran and made a list of sweeping demands, which could further curb the country's crude oil exports and boost oil prices.
The contract for June delivery was trading at Rs 4946.00, up by 0.16% or Rs 8.00 from its previous closing of Rs 4938.00. The open interest of the contract stood at 23087 lots.
The contract for July delivery was trading at Rs 4948.00, up by 0.20% or Rs 10.00 from its previous closing of Rs 4938.00. The open interest of the contract stood at 652 lots on MCX.