Crude Oil Futures Rise on Strong Demand, Prices Gain on MCX
Crude Oil Prices Today: Crude oil prices moved higher on Wednesday as strong spot market demand and increased buying interest from market participants supported futures trade. Positive cues from the global market further boosted sentiment, keeping crude oil prices in the green.
Crude Oil Futures Rise on MCX
In the domestic futures market, crude oil prices registered a gain on the Multi Commodity Exchange (MCX). Crude oil for January delivery rose by ₹22 per barrel, trading at ₹5,278 per barrel, up 0.46 percent. The contract witnessed a trading volume of 18,718 lots, indicating active participation by traders.
Market experts said that rising demand in the spot market encouraged traders to increase their positions, which pushed crude oil prices higher. Analysts also believe that if demand remains strong, prices may see further upside in the near term.
Why Are Crude Oil Prices Rising?
According to market analysts, the rise in crude oil futures is mainly attributed to the following factors:
Strong demand in the spot market
Fresh buying by traders and speculators
Supportive trends in global crude oil prices
Continued interest from participants in futures contracts helped prices remain firm throughout the trading session.
Global Crude Oil Market Update
Crude oil prices in the international market also traded higher, providing additional support to domestic futures:
West Texas Intermediate (WTI) crude rose 0.17 percent to USD 58.48 per barrel
Brent crude gained 0.13 percent to USD 62.46 per barrel in New York trade
Firm global prices played a key role in supporting crude oil futures on MCX.
Outlook for Crude Oil Prices
Analysts expect crude oil prices to remain volatile in the short term, tracking global demand trends, inventory data, and geopolitical developments. Any further increase in demand or concerns over supply disruptions could push prices higher in the coming sessions.