Crude oil futures climbed Rs 16 to Rs 6,617 per barrel on Friday, driven by strong spot demand. Analysts cite increased bets by participants as a key factor.
New Delhi, May 3 (PTI) Crude oil prices on Friday climbed Rs 16 to Rs 6,617 per barrel in futures trade as participants widened their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for May delivery traded higher Rs 16 or 0.6 per cent at Rs 6,617 per barrel in 12,139 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil was up 0.34 per cent to USD 79.22 per barrel, and Brent crude traded 0.37 per cent higher at USD 83.98 per barrel in New York.
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