Crude Oil Futures Rise on Spot Demand

New Delhi, Sep 9 (PTI) Crude oil prices on Tuesday rose Rs 46 to Rs 5,537 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 46 or 0.84 per cent at Rs 5,537 per barrel in 10,542 lots.

"Crude oil prices drifted higher on Tuesday as geopolitical tensions continue to lend support, particularly from the Ukraine-Russia conflict,” said Mohammed Imran - Research Analyst at Mirae Asset ShareKhan.


On the market outlook, he said, "Crude oil prices are expected to trade in a narrow range of USD 60-65 per ounce in the overseas markets, with a bearish bias toward year-end unless supply risks intensify."

On the demand side, Asia remains a bright spot -- India's crude consumption is strong, and China's imports rose 2.5 per cent year-to-date to 376 million tonne, averaging 11.3 million barrels per day, Imran said.

Globally, West Texas Intermediate crude was trading 0.44 per cent higher at USD 62.70 per barrel while Brent crude rose 0.70 per cent to USD 66.48 per barrel in New York.