Crude oil futures rise on spot demand

New Delhi, Feb 2 (PTI) Crude oil prices rose by Rs 56 to Rs 6,625 per barrel on Wednesday, as participants widened their positions on firm spot demand.

On the Multi Commodity Exchange, crude oil for the February delivery traded higher by Rs 56, or 0.85 per cent, to Rs 6,625 per barrel in 11109 lots.

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

Globally, West Texas Intermediate crude oil gained 0.03 per cent to USD 88.23 per barrel, while Brent crude traded flat at USD 89.16 per barrel in New York.