Crude oil futures gain by Rs 60 per barrel on spot demand

Crude oil prices on Tuesday climbed Rs 60 to Rs 6,503 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for March delivery traded higher Rs 60 or 0.93 per cent at Rs 6,503 per barrel in 3,132 lots.

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

Globally, West Texas Intermediate crude oil was up 0.78 per cent to USD 78.54 per barrel, and Brent crude traded 0.80 per cent higher at USD 82.87 per barrel in New York.