Crude oil futures gain on spot demand

New Delhi, Jul 18 (PTI) Crude oil prices on Thursday increased Rs 49 to Rs 6,960 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for July delivery traded higher Rs 49 or 0.71 per cent at Rs 6,960 per barrel in 7,926 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up by 0.75 per cent to USD 83.47 per barrel, and Brent crude traded 0.42 per cent higher at USD 85.44 per barrel in New York.