Crude oil futures hit record Rs 10,888/barrel; WTI touches $116

New Delhi: Crude oil prices climbed Rs 300 to hit a record of Rs 10,888 per barrel in futures trade on Tuesday, tracking strong global energy benchmarks amid persistent supply concerns and geopolitical tensions in West Asia.

On the Multi Commodity Exchange (MCX), crude oil for April delivery increased by Rs 300, or 2.83 per cent, to hit a lifetime high of Rs 10,888 per barrel.

Similarly, the May contract also advanced Rs 170, or 1.82 per cent, to touch a fresh record high of Rs 9,485 per barrel on the MCX.

Analysts said crude prices remained supported by tightening global supply conditions and uncertainty surrounding Strait of Hormuz, a key shipping transit route for energy exports.

The rally followed sharp gains in international oil prices, as traders remained concerned over supply disruptions and ongoing conflict in West Asia.

In the international market, West Texas Intermediate (WTI) crude futures for the May delivery gained USD 4.14, or 3.7 per cent to USD 116.55 per barrel, while Brent oil for the June contract rose 1.5 per cent to USD 111.40 per barrel in New York.