Crude oil futures were trading higher during the noon trade in the domestic market on Monday as investors and speculators widened their bets after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal while clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.
The Key crude states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for 2 years.
On Sunday, Venezuela President Nicholas Maduro said participants in the talks -- the OPEC cartel and Russia -- are now working on a deal and that he had discussed the issue with his Iranian and Ecuadoran counterparts.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,929 per barrel, up by 1.53 per cent, after opening at Rs 2,899, against a previous close of Rs 2,885. It touched the intra-day high of Rs 2,937 (at 12:10 hours).
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