Crude oil futures rise on spot demand

New Delhi: Crude oil prices on Wednesday rose by Rs 44 to Rs 2,872 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 44, or 1.56 per cent, at Rs 2,872 per barrel in 4,307 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 2.80 per cent to USD 39.35 per barrel, while Brent crude was trading up 2.49 per cent at USD 41.54 per barrel in New York.