New Delhi, Feb 3 (PTI) – Crude oil prices witnessed an upward trend on Monday, rising by ₹120 to reach ₹6,470 per barrel in futures trading. The surge was driven by increased positions taken by market participants in response to strong spot demand.
On the Multi Commodity Exchange (MCX), crude oil for February delivery registered a 1.89% increase, trading at ₹6,470 per barrel across 5,114 lots. Analysts attribute the price hike to the strengthening of market bets, which fueled the rise in crude oil futures.
On the global front, West Texas Intermediate (WTI) crude recorded a 2.29% gain, trading at $74.19 per barrel, while Brent crude advanced 1.31%, reaching $76.66 per barrel in the New York market.
The latest movement in crude prices reflects the growing confidence among traders, backed by robust demand trends in the energy sector.
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