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Crude oil prices experienced a notable increase on Wednesday, rising by Rs 93 to reach Rs 5,606 per barrel in futures trading. This uptick came as market participants expanded their positions in response to strong spot demand.
On the Multi Commodity Exchange, crude oil for October delivery advanced by Rs 93, or 1.69 percent, reaching Rs 5,606 per barrel across 11,677 contracts. Analysts attributed the price rise to increased speculation by traders, which contributed to the higher futures prices.
In global markets, West Texas Intermediate (WTI) crude oil saw a gain of 1.44 percent, trading at USD 66.70 per barrel. Meanwhile, Brent crude oil was up by 1.36 percent, trading at USD 70.13 per barrel in New York.
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