Crude oil futures surge on spot demand

New Delhi, December 16 (PTI) Crude oil prices on Thursday rose by Rs 45 to Rs 5,444 per barrel as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for January delivery traded higher by Rs 45, or 0.83 per cent, to Rs 5,444 per barrel in 3,466 lots.

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

Globally, West Texas Intermediate crude oil was quoting higher by 1.23 per cent at USD 71.74 per barrel, while Brent crude gained 1.10 per cent to trade at USD 74.69 per barrel in New York.