Crude oil futures rise on firm spot demand

Crude oil prices on Friday rose by Rs 7 to Rs 3,031 per barrel as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for delivery in September traded higher by Rs 7, or 0.23 per cent, at Rs 3,031 per barrel in 2,998 lots.

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

Globally, West Texas Intermediate crude oil rose by 0.88 per cent to USD 41.33 per barrel, while Brent crude was trading up 0.79 per cent at USD 43.64 per barrel in New York.