Brent crude trade lower at $62.80/bbl

Crude oil prices rose Rs 28 to Rs 5,221 per barrel in futures trade as participants increased their positions following a firm spot demand. On the Multi Commodity Exchange, crude oil for December delivery traded higher by Rs 28 or 0.54 per cent at Rs 5,221 per barrel in 15,793 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate crude was trading 0.51 per cent lower at $58.35 per barrel, while Brent crude fell 0.52 per cent to $62.80 per barrel in New York.

“The uncertainty over the Ukraine-Russia peace deal looms over crude oil markets, which keeps swinging between gains and losses, however the global market surplus has deepened to 1.5 million barrels per day due to higher output in September and October from US and OPEC+ countries,” Mohammed Imran, Research Analyst, Mirae Asset Sharekhan, said.