The contract for delivery in October rose by Rs 27, or 0.4 per cent, to Rs 6,727 per barrel. It had a business of 6,085 lots. Market analysts said raising of positions by participants led to the rise in crude oil futures
Traders increased their positions on firm spot demand, which led to a rise in crude oil prices in futures trade on Friday. Crude oil prices rose by Rs 27 to Rs 6,727 per barrel. On the Multi Commodity Exchange, there was a jump in the price of crude oil contracts for delivery in October.
The contract for delivery in October rose by Rs 27, or 0.4 per cent, to Rs 6,727 per barrel. It had a business of 6,085 lots. Market analysts said raising of positions by participants led to the rise in crude oil futures.
Globally, West Texas Intermediate crude oil was trading 0.84 percent higher at USD 81.91 per barrel in New York. While the price of brent crude oil rose 0.73 per cent to USD 89.14 per barrel.
There was no change in the prices of petrol and diesel in India for a long time, but due to rise in crude oil prices, petrol and diesel would also increase.