Crude Oil Prices Rise on Spot Demand
Crude oil futures climbed in India on Tuesday, driven by increased positions from market participants due to strong spot demand. Global prices also saw gains.
New Delhi, Feb 18 (PTI) Crude oil prices on Tuesday climbed Rs 26 to Rs 6,224 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for March delivery traded higher by Rs 26 or 0.42 per cent at Rs 6,224 per barrel in 10,436 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 1.09 per cent higher at USD 71.51 per barrel while Brent crude was trading 0.32 per cent higher at USD 75.46 per barrel in New York.
On the Multi Commodity Exchange, crude oil for March delivery traded higher by Rs 26 or 0.42 per cent at Rs 6,224 per barrel in 10,436 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 1.09 per cent higher at USD 71.51 per barrel while Brent crude was trading 0.32 per cent higher at USD 75.46 per barrel in New York.
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