Crude oil futures up on spot demand

Crude oil prices rose by Rs 26 to Rs 3,553 per barrel on Wednesday in futures trade as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for January delivery traded higher by Rs 26, or 0.74 per cent, at Rs 3,553 per barrel in 1,420 lots.

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

Globally, West Texas Intermediate crude oil gained 0.63 per cent to USD 48.30 per barrel, while Brent crude traded 0.51 per cent higher at USD 51.35 per barrel in New York.