Crude Oil Futures Rise on Spot Demand
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Crude oil futures prices surged on Wednesday due to increased spot demand and positive market sentiment. Learn about the factors driving the rise in oil prices.
New Delhi, May 28 (PTI) Crude oil prices on Wednesday rose Rs 57 to Rs 5,248 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 57 or 1.1 per cent at Rs 5,248 per barrel in 11,966 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.21 per cent higher at USD 61.10 per barrel while Brent crude was trading 0.31 per cent higher at USD 64.29 per barrel in New York.
On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 57 or 1.1 per cent at Rs 5,248 per barrel in 11,966 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.21 per cent higher at USD 61.10 per barrel while Brent crude was trading 0.31 per cent higher at USD 64.29 per barrel in New York.
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