Crude oil futures rise on spot demand

Crude oil prices rose by Rs 27 to Rs 3,840 per barrel on Tuesday as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for January delivery traded higher by Rs 27, or 0.71 per cent, at Rs 3,840 per barrel in 1,409 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil gained 0.40 per cent to USD 52.57 per barrel, while Brent crude traded 1.06 per cent higher at USD 55.33 per barrel in New York.

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