Crude oil futures gain on spot demand

Crude oil prices on Tuesday climbed Rs 40 to Rs 7,219 per barrel in futures trade as participants widened their positions following a firm spot demand. On the Multi Commodity Exchange, crude oil for April delivery traded higher Rs 40 or 0.56 per cent at Rs 7,219 per barrel in 6,628 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up 0.46 per cent to USD 86.83 per barrel, and Brent crude traded 0.43 per cent higher at USD 90.77 per barrel in New York.