Crude Oil Futures Rise on Spot Demand
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Crude oil futures gain Rs 185 to Rs 7,055/barrel on firm spot demand. Analysts cite increased bets. WTI & Brent crude prices also rise.
Photograph: Dado Ruvic/Reuters
New Delhi, Mar 5 (PTI) Crude oil prices on Thursday rose Rs 185 to Rs 7,055 per barrel in futures trade as participants widened their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for April delivery traded higher by Rs 185, or 2.69 per cent, at Rs 7,055 per barrel in 2,385 lots.
Analysts said the rise in bets by participants kept crude oil prices higher in the futures market.
Globally, West Texas Intermediate crude was trading 4.19 per cent higher at USD 77.79 per barrel, while Brent crude rose 3.87 per cent to USD 84.55 per barrel in New York.
On the Multi Commodity Exchange, crude oil for April delivery traded higher by Rs 185, or 2.69 per cent, at Rs 7,055 per barrel in 2,385 lots.
Analysts said the rise in bets by participants kept crude oil prices higher in the futures market.
Globally, West Texas Intermediate crude was trading 4.19 per cent higher at USD 77.79 per barrel, while Brent crude rose 3.87 per cent to USD 84.55 per barrel in New York.
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