Crude oil futures rose by Rs 30 to Rs 4,623 per barrel on Tuesday as speculators created fresh positions, tracking a firm trend at the overseas market.
At the Multi Commodity Exchange, crude oil for May delivery was trading higher by Rs 30, or 0.65 percent, at Rs 4,623 per barrel in a business turnover of 27,243 lots.
Crude oil contracts for June also rose by Rs 27, or 0.59 percent, to Rs 4,636 per barrel in a business volume of 470 lots.
Oil prices inched up as the US Monday decided not to extend waivers for India and seven other countries that had been importing Iranian crude in spite of US sanctions.
Besides, the US sanctions on Venezuela‘s oil exports and production cut by OPEC too exerted pressure on crude oil prices.
On the other hand, an Iraqi government official said the country is ready to boost oil exports by 250,000 barrels a day to compensate for any shortfalls once the US waivers for Iranian oil end.
Globally, West Texas Intermediate crude prices rose 0.70 percent to USD 66.01 per barrel, while Brent crude, the international benchmark, was up 0.49 percent to USD 74.40 per barrel.