Crude Oil Prices Edge Higher in Wednesday Trade
New Delhi, February 25: Crude oil prices advanced in futures trading on Wednesday, supported by fresh positions created by market participants in response to firm spot demand.On the Multi Commodity Exchange, crude oil contracts for March delivery climbed by Rs 17, or 0.28 percent, to trade at Rs 6,025 per barrel. The contract recorded a business turnover of 2,246 lots during the session.
Market participants attributed the uptick in prices to increased activity in the futures segment, which kept crude oil rates elevated through the trading day.
Global Crude Benchmarks Also Trade Higher
In the international market, crude benchmarks were also trading in positive territory.West Texas Intermediate crude rose 0.66 percent to USD 66.06 per barrel in New York. Meanwhile, Brent crude advanced 0.58 percent to USD 71.22 per barrel.
The firm global trend, along with strong spot demand, provided support to crude oil futures on the domestic exchange.
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