Crude oil futures gain on spot demand, global cues

New Delhi, Jan 29 () Crude oil prices on Wednesday rose by Rs 48 to Rs 3,856 per barrel as speculators created fresh positions amid positive global trends.

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

On the Multi Commodity Exchange, crude oil for delivery in February traded higher by Rs 48, or 1.26 per cent, to Rs 3,856 per barrel in 24,104 lots.

Crude oil for March delivery was up by Rs 44, or 1.15 per cent, at Rs 3,874 per barrel with an open interest of 736 lots.

Globally, West Texas Intermediate was trading higher by 1.08 per cent to USD 54.06 per barrel.

Meanwhile, Brent crude, the international benchmark, edged up 1.13 per cent to USD 60.18 per barrel in New York. VHP RUJ RUJ