Crude oil futures prices surged on Tuesday, driven by increased spot demand. The rise was further fueled by participant speculation, pushing prices to Rs 5,993 per barrel on the MCX.
New Delhi, Sep 24 (PTI) Crude oil prices on Tuesday increased Rs 95 to Rs 5,993 per barrel in futures trade as participants widened their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for October delivery traded higher Rs 95 or 1.61 per cent at Rs 5,993 per barrel in 12,977 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 1.49 per cent to USD 71.42 per barrel, and Brent crude traded 1.31 per cent higher at USD 74.87 per barrel in New York.
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