Crude oil futures trade higher on fresh buying

Crude oil futures prices traded higher by Rs 28 to Rs 4,048 per barrel in futures trade today as speculators created fresh positions on hopes of a rise in demand in the spot market.

At the Multi Commodity Exchange counter, crude oil for delivery in January rose by Rs 28, or 0.70 per cent, to Rs 4,048 per barrel, with a business volume of 35 lots.

Similarly, the oil for delivery in February traded higher by Rs 22, or 0.54 per cent, to Rs 4,120 per barrel, with an open interest of 14 lots.  

Market analysts said fresh buying by speculators on expectations of a rise in demand in the spot market led to rise in crude oil futures prices.