Crude oil futures rise on spot demand

On the Multi Commodity Exchange, crude oil for delivery in September traded higher by Rs 6, or 0.22 per cent, at Rs 2,711 per barrel in 4,562 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Crude oil prices on Wednesday rose by Rs 6 to Rs 2,711 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for delivery in September traded higher by Rs 6, or 0.22 per cent, at Rs 2,711 per barrel in 4,562 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate crude oil traded higher by 1.22 per cent at USD 37.21 per barrel, while Brent crude was trading up 1.01 per cent at USD 40.18 per barrel in New York.