Crude Oil Futures Rise on Spot Demand

Jan 29, 2024 13:59

Crude oil futures prices increased on Monday due to strong spot demand, with participants widening their positions. West Texas Intermediate and Brent crude also saw gains.

New Delhi, Jan 29 (PTI) Crude oil prices on Monday increased Rs 140 to Rs 6,521 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for February delivery traded higher by Rs 140, or 2.19 per cent, at Rs 6,521 per barrel in 11,890 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up by 0.58 per cent to USD 78.46 per barrel, and Brent crude traded 0.62 per cent higher at USD 84.07 per barrel in New York.

By Rediff Money Desk, NEWDELHI

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