Crude oil futures gain on spot demand

New Delhi, Jul 23 (PTI) Crude oil prices on Tuesday increased Rs 16 to Rs 6,576 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for August delivery traded higher Rs 16 or 0.24 per cent at Rs 6,576 per barrel in 5,743 lots.

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

Globally, West Texas Intermediate crude oil was down by 0.44 per cent to USD 79.78 per barrel, and Brent crude traded 0.05 per cent higher at USD 82.44 per barrel in New York. PTI SGC DR