Oil prices have fallen to around $20 per barrel from $65 at the start of the year.
Crude oil for May delivery was up by Rs 229, or 11.95 per cent, to Rs 2,146 per barrel with an open interest of 1,770 lots.
Market will look for unambiguous confirmation from Russia and Saudi, said CEO, Vanda Insights.
Trump said he expects Saudi Arabia and Russia to cut oil output by about 10 million barrels.
IOC has reduced processing at its refineries by at least one-fourth as shutting down of businesses, suspension of flights and most vehicles staying off road due to the 21-day nationwide lockdown has led to drastic fall in demand. Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.
Malaysia's palm oil exports in March rose between 6.1 per cent and 6.9 per cent from a month earlier, cargo surveyors said on Tuesday.
U.S. crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a 4 million barrel build-up, data from industry group the American Petroleum Institute showed.
ONGC was the top contributor with Rs 300 crore, followed by IOC chipping in Rs 225 crore. Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) provided Rs 175 crore, while Hindustan Petroleum Corp Ltd (HPCL) chipped in Rs 120 crore.
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