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Commodities

Crude Oil Futures Surge on Strong Spot Demand

Guavy AI Editorial Team
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Oil
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Crude oil futures rose in India on Friday due to strong spot demand. The price of crude oil futures for September delivery increased by 0.57% to Rs 7,808 per barrel on the Multi Commodity Exchange.

This rise was attributed to participants increasing their positions following firm spot demand. Analysts noted that the increase in bets kept crude oil prices higher in futures trade.

On a global scale, West Texas Intermediate (WTI) crude was trading 1.29% higher at USD 82.30 per barrel, while Brent crude rose 0.90% to USD 87.85 per barrel in New York.

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