Price of Crude oil went up 1.54pc to Rs4028per bbl in futures trade on Wednesday, on the back of raising exposures by speculators amid strong global cues.
On the Multi Commodity exchange (MCX), crude oil for July month delivery scaled up by 1.54pc or Rs61 or to Rs4028per bbl in a business turnover of 19688 lots.
Conversely, WTI crude prices stood at USD58.76, up 1.61pc while Brent rose higher at USD 64.82/bbl, up 1.03pc.
Meantime, domestic crude oil production in May 2019 declined 7pc to 2,800 TMT due to slip in production from fields operated by ONGC, Oil India and pvt-operators.
The fall in crude oil production raised the India’s crude oil import dependence to 85pc in May against 83.8pc, year-on-year.