Crude oil prices experienced an increase of Rs 40, reaching Rs 5,937 per barrel in futures trading on Wednesday. This rise was attributed to participants expanding their positions in response to robust demand in the spot market.
On the Multi Commodity Exchange, crude oil for March delivery rose by Rs 40, equivalent to a 0.68 percent gain, trading at Rs 5,937 per barrel with a volume of 9,085 lots.
Analysts indicated that the active participation of traders was a significant factor contributing to the upward movement of crude oil prices in the futures market.
In international markets, West Texas Intermediate crude was trading 0.35 percent higher at USD 70.83 per barrel, while Brent crude saw a slight decline of 0.27 percent, trading at USD 74.45 per barrel in New York.
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