Crude oil is looking bullish and we need to be cautious in terms of buying, said Aurobinda Prasad Gayan, Vice President-Research, Kotak Commodity.

Speaking to CNBC-TV18, he said that Indian crude oil prices, which is currently at around Rs 4,800 per barrel in the MCX, could soon close to Rs 5,000 level in the near term.

Because of Libyan port issue, Canadian supply cut and Iranian sanctions, international oil prices may move up, said Gayan.

According to Gayan, West Texas Intermediate (WTI) prices can go to $74 in the near term.