Crude Oil Prices Rise on Spot Demand
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Crude oil futures gained Rs 17 to Rs 5,798 per barrel due to increased spot demand. Analysts cite rising bets by participants as a key factor. West Texas Intermediate and Brent Crude saw slight dips.
New Delhi, Jul 29 (PTI) Crude oil prices on Tuesday rose Rs 17 to Rs 5,798 per barrel in futures trade as participants increased their positions following a firm spot demand.
Extending the gains for the fifth straight day, crude oil for August delivery traded higher Rs 17 or 0.29 per cent at Rs 5,798 per barrel in 10,399 lots on the Multi Commodity Exchange.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Meanwhile, West Texas Intermediate crude was trading 0.12 per cent lower at USD 66.63 per barrel while Brent Crude dipped 0.17 per cent to USD 69.92 per barrel in New York.
Extending the gains for the fifth straight day, crude oil for August delivery traded higher Rs 17 or 0.29 per cent at Rs 5,798 per barrel in 10,399 lots on the Multi Commodity Exchange.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Meanwhile, West Texas Intermediate crude was trading 0.12 per cent lower at USD 66.63 per barrel while Brent Crude dipped 0.17 per cent to USD 69.92 per barrel in New York.
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