Crude oil futures rise on firm spot demand

Crude oil futures rose by Rs 29 on the Multi Commodity Exchange as traders increased positions amid firm spot demand. Global crude benchmarks, including Brent and West Texas Intermediate, also traded higher during Wednesday’s session, supporting the positive trend in domestic futures markets

New Delhi: Crude oil prices on Wednesday rose by Rs 29 to Rs 9,752 per barrel in futures trade as participants increased their positions following firm spot demand.

On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 29, or 0.3 per cent, at Rs 9,752 per barrel in 8,662 lots.

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Analysts said increased bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.25 per cent higher at USD 101.92 per barrel, while Brent crude rose 0.02 per cent to USD 107.75 per barrel in New York.