Energy Economy

09 May 2020

Crude Oil Futures Rise on Spot Demand

09 May 2020  by PTI   
Crude oil prices on Friday rose Rs 40 to Rs 1,874 per barrel as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for delivery in May traded higher by Rs 40, or 2.18 per cent, to Rs 1,874 per barrel in 7,380 lots.

Crude oil for June delivery was up by Rs 29, or 1.47 per cent, to Rs 2,002 per barrel with an open interest of 1,041 lots.

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

Globally, West Texas Intermediate crude oil was trading up by 4.29 per cent at $24.56 per barrel and Brent crude rose 2.68 per cent to $30.25 per barrel in New York.

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