Crude Oil Futures Rise on Spot Demand
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Crude oil futures prices rose on Thursday on the Multi Commodity Exchange, driven by increased demand. West Texas Intermediate and Brent crude also traded higher globally.
New Delhi, May 8 (PTI) Crude oil prices on Thursday rose Rs 40 to Rs 4,985 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for May delivery traded higher by Rs 40 or 0.81 per cent at Rs 4,985 per barrel in 5,121 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.57 per cent higher at USD 58.40 per barrel while Brent crude was trading 0.46 per cent up to USD 61.40 per barrel in New York.
On the Multi Commodity Exchange, crude oil for May delivery traded higher by Rs 40 or 0.81 per cent at Rs 4,985 per barrel in 5,121 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.57 per cent higher at USD 58.40 per barrel while Brent crude was trading 0.46 per cent up to USD 61.40 per barrel in New York.
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