Crude Oil Futures Rise on Spot Demand

New Delhi, Nov 20 (PTI) Crude oil prices on Thursday climbed Rs 50 to Rs 5,308 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 50, or 0.95 per cent, to Rs 5,308 per barrel in a business turnover of 14,611 lots.

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

Globally, West Texas Intermediate (WTI) crude was trading 0.67 per cent higher at USD 59.84 a barrel, while Brent crude went up by 0.50 per cent to USD 63.87 per barrel in New York.

"Crude oil prices showed a marginal recovery on Thursday, with WTI trading around USD 59.50 per barrel, buoyed by the temporary halt of Sudan-South Sudan crude exports due to a drone attack on key facilities," Mohammed Imran, Research analyst, Mirae Asset ShareKhan, said.