New Delhi, June 23: Crude oil prices rose by Rs 110 to Rs 6,514 per barrel in futures trade on Monday as participants increased their bets following strong spot demand.
Crude oil prices for July delivery rose by Rs 110, or 1.72 percent, to Rs 6,514 per barrel on the Multi Commodity Exchange in a business turnover of 8,416 lots.
Analysts said crude oil prices rose in futures trade as participants raised bets.
Globally, West Texas Intermediate crude was trading 1.65 percent higher at $75.06 per barrel, while Brent crude rose 1.24 percent to $78.25 per barrel in New York.
Rahul Kalantri, Vice President, Commodities, Mehta Equities, said, “Crude oil prices continued to rise for the third consecutive week amid rising geopolitical tensions. The ongoing hostilities between Israel and Iran have raised supply concerns in the Middle East, a key region for global oil exports.”
