Crude oil futures gain on spot demand

Crude oil prices on Thursday rose by Rs 29 to Rs 6,055 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 29 or 0.48 per cent at Rs 6,055 per barrel in 20,014 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 1.35 per cent at USD 73 per barrel and Brent crude traded 1.24 per cent higher at USD 78.13 per barrel in New York.