Crude Oil Prices Gain Rs 50 in March Contracts
New Delhi, February 24: Crude oil prices advanced in futures trading on Tuesday, climbing by Rs 50 to settle at Rs 6,095 per barrel as market participants increased their positions amid firm demand in the physical market.On the Multi Commodity Exchange, crude oil contracts for March delivery rose by Rs 50, marking a 0.83 percent increase. The contracts were traded in 15,375 lots, reflecting heightened participation in the derivatives segment.
Strong Spot Demand Lifts Futures Activity
Market activity indicated that traders expanded their exposure in crude oil futures, supporting the upward movement in prices. Increased positioning in response to robust spot demand contributed to keeping prices elevated during the trading session.Global Crude Oil Prices Also Trade Higher
In the international market, benchmark crude prices recorded gains. West Texas Intermediate crude was trading 0.60 percent higher at USD 66.71 per barrel in New York. Meanwhile, Brent crude rose 0.49 percent to USD 71.46 per barrel.The positive global cues, combined with active domestic participation on the MCX, underpinned the rise in crude oil futures prices during the session.
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