Crude oil futures rise on spot demand

Crude oil prices rose Rs 24 to Rs 4,094 per barrel on Thursday as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for the February delivery traded higher by Rs 24, or 0.59 per cent, at Rs 4,094 per barrel in 6,227 lots.

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

Globally, West Texas Intermediate crude oil gained 0.68 per cent to USD 56.07 per barrel, while Brent crude traded 0.60 per cent higher at USD 58.81 per barrel in New York.