Crude oil futures gaining on spot demand

Crude oil prices on Tuesday climbed Rs 36 to Rs 6,578 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for May delivery traded higher Rs 36 or 0.55 per cent at Rs 6,578 per barrel in 11,393 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate crude oil was up 0.09 per cent to USD 78.57 per barrel, and Brent crude traded 0.17 per cent higher at USD 83.47 per barrel in New York.