Crude Oil Prices Rise on Spot Demand
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Crude oil futures gained Rs 87 to Rs 5,393 per barrel on increased spot demand. Global crude prices also saw a rise.
New Delhi, May 29 (PTI) Crude oil prices on Thursday rose Rs 87 to Rs 5,393 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 87 or 1.64 per cent at Rs 5,393 per barrel in 11,143 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 1.68 per cent higher at USD 62.88 per barrel while Brent crude was trading 1.60 per cent up to USD 65.94 per barrel in New York.
On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 87 or 1.64 per cent at Rs 5,393 per barrel in 11,143 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was trading 1.68 per cent higher at USD 62.88 per barrel while Brent crude was trading 1.60 per cent up to USD 65.94 per barrel in New York.
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