Brent crude trade higher at $68.24/bbl

Crude oil prices rose more than 1 per cent to Rs 5,825 per barrel in futures trade as traders built up fresh positions tracking firm spot demand amid strong global cues.

Crude oil for February delivery increased by Rs 75, or 1.31 per cent, to Rs 5,821 per barrel in a business turnover of 12,180 lots. Similarly, the March contract traded higher by Rs 88, or 1.53 per cent, at Rs 5,825 per barrel in 560 lots.

Traders said the increase in crude oil prices was due to a rise in a steady demand outlook, which kept sentiment firm in the domestic markets.

In global markets, West Texas Intermediate (WTI) crude oil futures for March delivery were trading 1.17 per cent higher at $64.03 per barrel, while Brent crude rose 1.02 per cent to $68.24 per barrel in New York.