Crude oil prices rise as Brent trades higher at $89.41

Oil is a very important fuel that people and companies buy and sell, and its price changes all the time.

This news tells us about a day when the price of oil went up.

The price of Brent oil, which is one type of oil used as a worldwide reference, went up a little bit to $89.41 for one barrel.

A barrel is a big container that holds oil.

Another type of oil, called West Texas Intermediate, also went up and cost $83.72 per barrel.

In India, the price of oil for future delivery went up by 0.61 percent, so one barrel cost Rs 7,892.

Traders were buying more oil because they saw strong demand for it right now.

More people wanting to buy made the price go higher.

Some oil for delivery in September went up by Rs 48.

Analysts say that when traders place more bets on oil, the price tends to go up.

So overall, oil prices moved higher on this day.