Crude Oil Futures Surge on Robust Spot Demand in MCX

Crude oil futures on the Multi Commodity Exchange (MCX) rose 0.63% to Rs 7,774 per barrel due to strong spot demand. This increase was seen in September delivery contracts and is attributed to participants increasing their positions following firm demand.

Analysts noted that higher bets by participants supported crude oil prices in futures trade. Globally, West Texas Intermediate (WTI) crude oil was trading 0.12% higher at USD 82.23 per barrel, while Brent crude rose 0.07% to USD 87.78 per barrel in New York.

The increase in spot demand led to an upward momentum in futures trade, pushing prices up by Rs 49 or 0.63%. The robust demand in the spot market contributed to the rise in futures prices, with participants taking advantage of the opportunity to invest.