Crude oil futures gain on spot demand

New Delhi, Aug 10 (PTI) Crude oil prices on Thursday rose Rs 71 to Rs 7,000 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for August delivery traded higher by Rs 71 or 1.02 per cent at Rs 7,000 per barrel in 9,078 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 0.20 per cent at USD 84.57 per barrel, and Brent crude traded 0.24 per cent higher at USD 87.76 per barrel in New York.