Crude oil futures gain on spot demand

Crude oil prices on Thursday rose by Rs 11 to Rs 7,798 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 11 or 0.14 per cent at Rs 7,798 per barrel in 4,764 lots.

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

Globally, West Texas Intermediate crude oil was down by 0.43 per cent at USD 101.58 per barrel, while Brent crude traded 0.56 per cent lower at USD 104.73 per barrel in New York.