Crude oil futures gain on spot demand

Crude oil prices on Wednesday rose by Rs 14 to Rs 6,167 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for December delivery traded higher by Rs 14 or 0.23 per cent at Rs 6,167 per barrel in 17,443 lots.

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

Globally, West Texas Intermediate crude oil was down 0.05 per cent at USD 74.21 per barrel and Brent crude traded 0.24 per cent higher at USD 79.54 per barrel in New York.