Crude oil prices traded higher by Rs 8 to Rs 4,178 per barrel in futures market today as speculators created fresh positions on expectations of pick up in demand in the spot market.
At the Multi Commodity Exchange, October crude oil rose by Rs 8, or 0.19% to Rs 4,178 per barrel in a business turnover of 35,428 lots.
The November contract traded higher by Rs 7, or 0.17% to Rs 4,207 per barrel in 1,585 lots.
Market analysts said fresh buying by speculators on hopes of a rise in demand in the spot market despite the crude oil decline in global markets mainly led to the rise in crude oil prices in the futures trade.