Crude oil futures rise on positive overseas cues

New Delhi: Crude oil prices on Tuesday rose Rs 175 to Rs 1,730 per barrel as participants widened their positions in line with a positive trend overseas.

On the Multi Commodity Exchange, crude oil for delivery in May traded higher by Rs 175, or 11.25 per cent, to Rs 1,730 per barrel in 7,605 lots.

Crude oil for June delivery was up by Rs 151, or 8.61 per cent, to Rs 1,904 per barrel with an open interest of 1,327 lots.

Analysts said raising of bets by participants kept crude prices higher in futures trade here.

Globally, West Texas Intermediate was trading higher by 10.64 per cent at $22.56 per barrel and Brent crude was up by 7.28 per cent to $29.18 per barrel in New York.