Crude oil futures prices surged on Thursday, driven by increased demand in the spot market. Analysts attribute the rise to bullish bets by participants.
New Delhi, Aug 1 (PTI) Crude oil prices on Thursday increased Rs 64 to Rs 6,588 per barrel in futures trade as participants widened their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for August delivery traded higher Rs 64 or 0.98 per cent at Rs 6,588 per barrel in 7,883 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 0.92 per cent to USD 78.63 per barrel, and Brent crude traded 2.66 per cent higher at USD 80.72 per barrel in New York.
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