Crude oil prices on Friday rose ₹8 to ₹5,280 per barrel in futures trade amid firm trends in the international markets.
On the Multi Commodity Exchange, crude oil for January delivery traded higher by ₹8, or 0.15 per cent, at ₹5,280 per barrel in 18,598 lots.
Globally, West Texas Intermediate (WTI) crude oil futures for February delivery was trading 0.09 per cent higher at $58.40 per barrel while Brent crude rose for February contract was quoted flat at $62.25 a barrel in New York.
“WTI Crude Oil prices rose after rallying earlier in the week on heightened supply-risk concerns linked to Venezuela and ongoing Ukraine-Russia tensions,” Axis Securities said in a note.
The brokerage firm further stated that prices continue to find support from Baker Hughes data showing that active US oil rigs fell to an over 4-year low last week, signalling tighter future supply, despite the latest count showing a modest increase of three rigs.
