A pump jack operates near a crude oil reserve. (Representative image.)
Credit: Reuters Photo
New Delhi: Crude oil prices on Thursday inched up Rs 3 to Rs 5,909 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for April delivery grew by Rs 3 to Rs 5,909 per barrel in 3,514 lots.
Analysts said the raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude was up 0.07 per cent at $67.73 per barrel while Brent Crude was quoting 0.14 per cent higher at $71.05 a barrel in New York.
According to Mehta Equities VP of Commodities Rahul Kalantri, crude oil prices showed very high price volatility and extended gains amid cooling-off US inflation and rebound in the US equity markets.