Crude Oil Futures Rise on Spot Demand
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Crude oil futures gain in futures trade due to firm spot demand. September delivery rises on Multi Commodity Exchange.
New Delhi, Aug 22 (PTI) Crude oil prices on Friday rose Rs 16 to Rs 5,579 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for September delivery traded higher Rs 16 or 0.29 per cent at Rs 5,579 per barrel in 13,135 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.29 per cent higher at USD 63.65 per barrel while Brent crude rose 0.16 per cent to USD 67.78 per barrel in New York.
On the Multi Commodity Exchange, crude oil for September delivery traded higher Rs 16 or 0.29 per cent at Rs 5,579 per barrel in 13,135 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 0.29 per cent higher at USD 63.65 per barrel while Brent crude rose 0.16 per cent to USD 67.78 per barrel in New York.
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