Brent crude trading higher at $79.95/bbl

Crude oil prices increased $56 to $6,234 per barrel in futures trade as participants widened their positions following a firm spot demand. On MCX, crude oil for February delivery traded higher by $56, or 0.91 per cent, at $6,234 per barrel in 11,266 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade. Globally, West Texas Intermediate (WTI) crude oil was up by 0.58 per cent to $74.80 per barrel, and Brent crude traded 0.50 per cent higher at $79.95 per barrel in New York.