Crude Oil Sees Surge in Futures as Spot Demand Rises

Crude oil prices increased by Rs 17 to Rs 6,687 per barrel on Tuesday in futures trade. The rise was attributed to participants expanding their positions due to firm spot demand. Globally, West Texas Intermediate oil decreased slightly, while Brent crude saw a small increase.

Crude oil prices on Tuesday surged by Rs 17 to reach Rs 6,687 per barrel in futures trading, fueled by participants broadening their positions amidst firm spot demand.

The Multi Commodity Exchange witnessed crude oil for June delivery trading higher by Rs 17, translating to a 0.25 per cent rise, across 2,817 lots.

Analysts noted that strategic bets by market participants drove the upward trend in futures trade. Internationally, West Texas Intermediate saw a slight dip of 0.25 per cent to USD 80.13 per barrel, while Brent crude edged up by 0.24 per cent to USD 84.05 per barrel in New York.

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