Crude oil futures prices surged on the Multi Commodity Exchange (MCX) driven by firm spot demand. West Texas Intermediate and Brent crude also saw gains in global markets.
New Delhi, Jan 24 (PTI) Crude oil prices on Wednesday increased Rs 56 to Rs 6,234 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 56, or 0.91 per cent, at Rs 6,234 per barrel in 11,266 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 74.80 per barrel, and Brent crude traded 0.50 per cent higher at USD 79.95 per barrel in New York.
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