Crude oil futures move higher on firm spot demand
18 May 2021
NEW DELHI: Crude oil prices rose Rs 14 to Rs 4,873 per barrel on Tuesday as participants widened their positions on a firm spot demand.
On the Multi Commodity Exchange, crude oil for the May delivery traded higher by Rs 14, or 0.29 per cent, at Rs 4,873 per barrel in 1,462 lots.
Analysts said raising of bets by participants kept crude oil prices higher in the futures trade.
Globally, West Texas Intermediate crude oil gained 0.72 per cent to USD 66.75 per barrel, while Brent crude traded 0.81 per cent higher at USD 70.02 per barrel in New York.