Crude oil futures up 1.87% on spot demand, global cues

In this file photo taken on October 20, 2019 an oil rig is seen in Stoughton, Saskatchewan, Canada. (Credit: AFP Photo)

Crude oil prices on Tuesday gained 1.87 per cent to Rs 3,495 per barrel as participants widened their holdings tracking a positive trend overseas.

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

On the Multi Commodity Exchange, crude oil for delivery in March traded higher by Rs 64, or 1.87 per cent, to Rs 3,495 per barrel in 25,185 lots.

Crude oil for April delivery was up by Rs 66, or 1.91 per cent, to Rs 3,523 per barrel with an open interest of 987 lots.

Globally, West Texas Intermediate was trading higher by 2.33 per cent at USD 47.84 per barrel and Brent crude was up by 2.14 per cent to USD 53.01 per barrel in New York.