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Crude oil prices experienced a rise of Rs 7, reaching Rs 5,990 per barrel in futures trading on Wednesday. This increase was attributed to participants expanding their positions in response to strong spot demand.
On the Multi Commodity Exchange, crude oil for October delivery saw a trading increase of Rs 7, or 0.12 percent, with 13,055 lots changing hands.
Analysts noted that the uptick in trading activity contributed to the higher crude oil prices in the futures market.
In global markets, West Texas Intermediate crude rose by 0.13 percent to USD 71.47 per barrel, while Brent crude increased by 0.05 percent, reaching USD 75.13 per barrel in New York.
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