Crude oil futures gain on spot demand

New Delhi: Crude oil prices on Friday rose by Rs 120 to Rs 8,274 per barrel as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for March delivery traded higher by Rs 120 or 1.47 per cent to Rs 8,274 per barrel in 6,502 lots.

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Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up by 1.76 per cent at USD 107.89 per barrel, while Brent crude traded 2.26 per cent higher at USD 111.80 per barrel in New York.

PTI