Crude oil futures prices in India rose on Monday, driven by increased spot demand. Analysts attribute the rise to traders expanding their positions. Global oil prices also saw gains.
New Delhi, Dec 11 (PTI) Crude oil prices on Monday rose by Rs 49 to Rs 5,984 per barrel in futures trade as participants widened their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for December delivery traded higher by Rs 49 or 0.83 per cent at Rs 5,984 per barrel in 14,984 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 0.60 per cent to USD 71.66 per barrel, and Brent crude traded 0.63 per cent higher at USD 76.32 per barrel in New York.
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