Indian Crude Oil Futures Rise on Firm Demand

Crude oil futures traded higher in India as participants increased their positions following firm demand in the spot market. The price of crude oil for September delivery rose by Rs 49, or 0.63 per cent, to Rs 7,774 per barrel in 884 lots.

Analysts attribute this rise in prices to higher bets by participants. This trend is reflected in global markets as well, where West Texas Intermediate crude oil traded 0.12 per cent higher at $82.23 per barrel and Brent crude rose 0.07 per cent to $87.78 per barrel in New York.