Crude oil futures gain on spot demand

Crude oil prices on Monday rose by Rs 52 to Rs 6,673 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for January delivery traded higher by Rs 52 or 0.79 per cent at Rs 6,673 per barrel in 7,103 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 2.67 per cent at USD 79.56 per barrel, and Brent crude traded 3.63 per cent higher at USD 83.92 per barrel in New York.