Crude oil futures prices on the Multi Commodity Exchange (MCX) surged 1.4% to Rs 7,190 per barrel due to strong spot demand.
The rise was also seen in global markets, with West Texas Intermediate (WTI) and Brent crude gaining 0.51% and 0.45%, respectively.
Analysts attribute the increase in bets by participants for keeping crude oil prices higher in futures trade.
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