Crude oil futures rise on spot demand

Crude oil prices rose by Rs 17 to Rs 3,888 per barrel on Thursday as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for Thursday delivery traded higher by Rs 17, or 0.44 per cent, at Rs 3,888 per barrel in 2,114 lots.

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

Globally, West Texas Intermediate crude oil rose by 0.59 per cent to USD 53.22 per barrel, while Brent crude traded 0.54 per cent higher at USD 56.36 per barrel in New York.