Crude oil futures surge on spot demand, global cues

Crude oil prices on Thursday gained by Rs 2 to Rs 4,162 per barrel as participants created fresh positions amid positive trend in spot market.

On the Multi Commodity Exchange, crude oil prices for January delivery surged by Rs 2, or 0.05 per cent to Rs 4,162 per barrel in 2,434 lots.

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Experts said that the raising of bets by participants kept crude prices higher in futures trade.

Globally, West Texas Intermediate crude oil was trading 0.46 per cent up at $59.03 per barrel. Meanwhile, Brent crude, the international benchmark grew by 0.71 per cent to $64.17 per barrel in New York.

On Wednesday, the  Crude oil futures had fallen by Rs 19 to Rs 4,176 per barrel after participants reduced positions even as the oil prices gained overseas.

(With input from agencies)