New Delhi, Dec 2 (PTI) Crude oil prices rose Rs 23 to Rs 5,347 per barrel in the futures trade on Tuesday amid firm trends in the overseas markets.
On the Multi Commodity Exchange (MCX), crude oil for the December contract rose by Rs 23 or 0.43 per cent to Rs 5,347 per barrel in a business turnover of 13,843 lots.
The January 2026 contract also went up by Rs 11 or 0.21 per cent to Rs 5,332 a barrel in 2,291 lots.
In the international markets, West Texas Intermediate (WTI) crude oil futures for the January 2026 contract grew 0.29 per cent to USD 59.48 per barrel, while Brent crude for February delivery was trading 0.11 per cent higher at USD 63.25 per barrel in New York.
"Crude oil prices are holding their gains and trade above USD 59 per barrel as markets assess these renewed geopolitical risks, including Ukraine's stepped-up attacks on Russian energy infrastructure and the possibility of US military action in Venezuela," Kaynat Chainwala, AVP Commodity Research at Kotak Securities, said.
On Monday, WTI crude oil climbed to nearly USD 60 per barrel after OPEC+ kept production plans unchanged and maintained its three-month pause on output increases for early 2026.
She further stated that the rise was amplified by geopolitical tensions, as ongoing Russia-Ukraine strikes despite diplomatic efforts keep markets sceptical of a Ukraine peace deal.
"Further, support came from comments by US President Trump that airspace over and around Venezuela should be considered closed, raising concerns over potential supply disruptions, Chainwala added.