Crude oil futures gain on spot demand

Crude oil prices on Tuesday rose by Rs 88 to Rs 8,006 per barrel as participants widened positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for August delivery traded higher by Rs 88 or 1.11 percent at Rs 8,006 per barrel in 3,954 lots.

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

Globally, West Texas Intermediate crude oil was up 0.56 percent at USD 103.17 per barrel, and Brent crude traded 0.47 percent higher at USD 106.77 per barrel in New York.