Crude oil futures gain on spot demand

Crude oil prices rose Rs 38 to Rs 5,951 per barrel in futures trade as participants widened their positions following a firm spot demand.

Crude oil for March delivery traded higher by 0.64 per centin 7,186 lots. Analysts said the rise in bets by participants kept crude oil prices higher in the futures market.

Globally, West Texas Intermediate crude was trading 0.26 per cent higher at $65.36 per barrel, while Brent crude rose 0.17 per cent to $70.47 per barrel in New York.