Crude oil futures up on fresh buying

Crude oil prices rose by Rs 8 to Rs 4,049 per barrel in futures trading today on emergence of buying by speculators and pick up in demand at the spot market.

At the Multi Commodity Exchange platform, crude oil for January-month rose by Rs 8, or 0.20 per cent to Rs 4,049 per barrel, with a business turnover of 86 lots.

Similarly, the oil for delivery in February traded higher by Rs 4.00, or 0.07 per cent to Rs 4,117 per barrel, with an open interest of 44 lots. 

Marketmen said fresh buying by traders on hopes of pick up in demand in spot markets mainly led to the rise in crude oil futures prices.