Crude oil futures rise on spot demand

West Texas Intermediate crude oil rose by 0.21 per cent to USD 47.72 per barrel. However, Brent crude was trading down by 0.16 per cent at USD 50.84 per barrel in New York.

Crude oil prices on Wednesday rose by Rs 22 to Rs 3,512 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for delivery in December traded higher by Rs 22, or 0.63 per cent, at Rs 3,512 per barrel in 1,715 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade. West Texas Intermediate crude oil rose by 0.21 per cent to USD 47.72 per barrel. However, Brent crude was trading down by 0.16 per cent at USD 50.84 per barrel in New York.