New Delhi, Nov 26 (PTI) Crude oil prices on Wednesday rose Rs 41 to Rs 5,207 per barrel in futures trade as participants increased their positions following a firm spot demand.
On the Multi Commodity Exchange, crude oil for December delivery traded higher Rs 41 or 0.79 per cent at Rs 5,207 per barrel in 16,072 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate (WTI) crude was trading 0.41 per cent higher at USD 58.19 per barrel, while Brent crude rose 0.38 per cent to USD 62.72 per barrel in New York.
Brokerage firm Kotak Securities, in a market note, said crude oil is trading moderately higher at USD 58.20 per barrel as market focus now turns to the Energy Information Administration (EIA) report.
The EIA, an independent agency under the US Department of Energy, publishes weekly inventory data tracking the volume of commercial crude oil held by US firms, offering a key gauge of market balance.
"WTI crude oil dropped to a five-week low of USD 57.1 per barrel on Tuesday before recovering slightly to close at USD 58 a barrel, as markets reacted to emerging signs of progress in negotiations to end the war in Ukraine. This may increase potential supply available to global market," Kotak Securities said.