Crude oil futures rise on spot demand

Crude oil prices rose by Rs 44 to Rs 3,930 per barrel on Wednesday as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for January delivery traded higher by Rs 44, or 1.13 per cent, at Rs 3,930 per barrel in 2,383 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil gained 0.73 per cent to $53.60 per barrel, while Brent crude traded 0.80 per cent higher at $57.03 per barrel in New York.