‘Rising crude oil prices pose headwinds for Indian markets’
Crude oil prices increased Rs127 to Rs7,072 per barrel in futures trade as participants widened their positions following a firm spot demand. Globally, West Texas Intermediate (WTI) crude oil was up by 2.20 per cent at $85.04 per barrel, and Brent crude traded 2.21 per cent higher at $89.87 per barrel in New York. On MCX, crude oil for November delivery traded higher by Rs127 or 1.83 per cent at Rs7,072 per barrel in 4,797 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade.