Crude Oil Futures Rise on Strong Spot Demand
Crude oil prices climbed on Friday, driven by increased spot demand and bullish bets by market participants. WTI and Brent crude also saw gains in international markets.
New Delhi, May 10 (PTI) Crude oil prices on Friday climbed Rs 33 to Rs 6,639 per barrel in futures trade as participants widened their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for May delivery traded higher Rs 33 or 0.5 per cent at Rs 6,639 per barrel in 6,951 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil was up 0.33 per cent to USD 79.52 per barrel, and Brent crude traded 0.24 per cent higher at USD 84.08 per barrel in New York.
On the Multi Commodity Exchange, crude oil for May delivery traded higher Rs 33 or 0.5 per cent at Rs 6,639 per barrel in 6,951 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil was up 0.33 per cent to USD 79.52 per barrel, and Brent crude traded 0.24 per cent higher at USD 84.08 per barrel in New York.
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