Crude oil futures rise on spot demand

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New Delhi, Dec 28 (PTI) Crude oil prices rose by Rs 16 to Rs 3,570 per barrel on Monday as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for January delivery traded higher by Rs 16, or 0.45 per cent, at Rs 3,570 per barrel in 1,436 lots.

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

Globally, West Texas Intermediate crude oil gained 0.31 per cent to USD 48.38 per barrel, while Brent crude traded 0.23 per cent higher at USD 51.41 per barrel in New York. PTI SHW RUJ RUJ