Crude oil futures seen gaining on spot demand

Crude oil prices on Thursday climbed Rs 40 to Rs 6,662 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 40 or 0.6 per cent at Rs 6,662 per barrel in 12,184 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up 0.91 per cent to USD 79.72 per barrel, and Brent crude traded 0.89 per cent higher at USD 84.18 per barrel in New York.