New Delhi, Aug 25: Crude oil prices edged higher in domestic futures trading on Tuesday, supported by firm spot demand and increased buying interest from market participants.
Pic Credit: Pexel
On the Multi Commodity Exchange (MCX), crude oil futures for September delivery rose Rs 8, or 0.1 per cent, to Rs 8,143 per barrel, with 2,524 lots traded.
The rise reflected stronger participation in the futures market, with traders increasing their positions amid steady demand. The firm domestic trend came despite relatively muted movements in international crude benchmarks.
In global trade, West Texas Intermediate (WTI) crude was quoted at $84.96 per barrel, while Brent crude stood at $92.04 per barrel. Both benchmarks were marginally lower during the session.
The domestic crude market continued to show resilience as steady spot demand and fresh positions provided support to prices. Traders are expected to closely track international crude movements, global demand conditions and geopolitical developments for further cues.
The positive movement in domestic futures indicates continued market interest in crude oil, even as global benchmarks remain largely range-bound.
