The price of crude has risen 20 percent this year, driven primarily by the prospect of a decline in oil supply from OPEC and other top exporters such as Russia.
Oil supply is a game of chicken. If Russians don't cut, Saudis will.
According to the Geojit Financial, the prevailing buying momentum in the commodity could stretch towards Rs 1,640-1,660 ranges.
International Brent crude oil futures were up 29 cents, or 0.5 per cent, at $63.90 a barrel.
Higher volumes were a result of several initiatives the exchange undertook to increase trading interest in agriculture commodities, BSE said.
International Brent crude futures were up 0.9 per cent, or 53 cents, at $62.95 per barrel.
Because of the spike in oil price to up to 86 dollars, airlines were forced to relook at their model, Singh said.
ADNOC had in February 2018 signed a pact to fill half of the 1.5 MT strategic oil storage at Mangalore.