Brent crude trades higher at $83.78/bbl

Crude oil prices on Friday rose by Rs71 to Rs6,591 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for September delivery traded higher by Rs71 or 1.09 per cent at Rs6,591 per barrel in 5,704 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 0.53 per cent at $79.47 per barrel, and Brent crude traded 0.50 per cent higher at $83.78 per barrel in New York.