Crude oil futures gained momentum on Friday as prices climbed Rs 91 to Rs 7,214 per barrel in futures trade. This surge was attributed to participants widening their positions in response to a strong spot demand.
On the Multi Commodity Exchange, crude oil for April delivery traded 1.28% higher at Rs 7,214 per barrel in 9,338 lots. Analysts noted that the increase in bets by participants played a significant role in keeping crude oil prices on the rise in futures trade.
In the global market, West Texas Intermediate crude oil saw a slight dip of 0.15% to USD 86.46 per barrel, while Brent crude traded 0.08% higher at USD 90.72 per barrel in New York.
The surge in crude oil prices is a reflection of the ongoing demand for this essential commodity. With the global economy showing signs of recovery, the demand for crude oil is expected to remain robust in the coming months.
Investors and traders are closely monitoring the developments in the crude oil market as geopolitical tensions and supply chain disruptions continue to impact prices. The volatility in the market presents both challenges and opportunities for stakeholders in the energy sector.