Brent crude traded flat at $62.25/bbl

Crude oil prices rose Rs8 to Rs5,280 per barrel in futures trade amid firm trends in the international markets. Crude oil for January delivery traded 0.15 per cent higher in 18,598 lots.

Globally, West Texas Intermediate (WTI) crude oil futures for February delivery was trading 0.09 per cent higher at $58.40 per barrel while Brent crude rose for February contract was quoted flat at $62.25 a barrel in New York.

“WTI Crude Oil prices rose after rallying earlier in the week on heightened supply-risk concerns linked to Venezuela and ongoing Ukraine-Russia tensions,” Axis Securities said in a note.

The brokerage firm further stated that prices continue to find support from Baker Hughes data showing that active US oil rigs fell to an over 4-year low last week, signalling tighter future supply, despite the latest count showing a modest increase of three rigs.