Crude Oil Futures Rise as Spot Demand Surges

Crude oil futures experienced an increase on Friday due to strong spot demand. The Multi Commodity Exchange saw crude oil for September delivery rise by Rs 44, or 0.57 per cent, at Rs 7,808 per barrel in 3,491 lots.

This surge was also reflected globally, with West Texas Intermediate crude trading 1.29 per cent higher at USD 82.30 per barrel and Brent crude rising 0.90 per cent to USD 87.85 per barrel in New York.

Analysts attributed the rise of bets by participants as the reason for the increase in futures trade.