Oil Prices Rise as Firm Demand and Bets Fuel Gains

Crude oil prices rose on Friday as participants increased their positions in futures trade. On the Multi Commodity Exchange, crude oil for September delivery traded at Rs 7,808 per barrel, a 0.57% increase from the previous day.

The rise was attributed to firm spot demand and increased bets by participants. Analysts noted that the higher prices were maintained due to these factors.

Globally, West Texas Intermediate crude rose 1.29% to $82.30 per barrel, while Brent crude climbed 0.90% to $87.85 per barrel in New York.