Crude oil futures gain on spot demand

Crude oil prices on Wednesday rose by Rs 68 to Rs 7,933 per barrel as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for May delivery traded higher by Rs 68 or 0.86 per cent at Rs 7,933 per barrel in 4,577 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up by 1.40 per cent at USD 104 per barrel, while Brent crude traded 1.31 per cent higher at USD 108.66 per barrel in New York.