Crude Oil Futures Prices Soar on Strong Spot Demand

Crude oil futures prices surged on August 6, driven by strong spot demand. The price of crude oil for August delivery traded higher by Rs 81, or 1.4%, at Rs 7,190 per barrel in 8,168 lots on the Multi Commodity Exchange.

Analysts attributed the rise to increased bets by participants following firm spot demand. This led to a 1.4% gain in crude oil futures prices, surpassing global benchmarks such as West Texas Intermediate (WTI) and Brent crude.

Globally, WTI traded 0.51% higher at USD 79.60 per barrel, while Brent increased 0.45% to USD 79.90 per barrel in New York.