Crude oil futures rise on spot demand

Representative image. Credits: iStock Photo

Crude oil prices on Friday rose by Rs 11 to Rs 2,984 per barrel as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for delivery in October traded higher by Rs 11, or 0.37 per cent, at Rs 2,984 per barrel in 2,893 lots.

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

However, West Texas Intermediate crude oil fell by 0.30 per cent to USD 40.43 per barrel, while Brent crude was trading lower by 0.43 per cent at USD 42.12 per barrel in New York.