Brent crude inches higher to $79.90 as oil futures climb

Crude oil is the natural resource that is made into petrol and other fuels.

People buy and sell barrels of oil on big markets, just like trading toys or cards.

This time, the price of oil went up a little bit.

One type of oil called Brent got more expensive, climbing to $79.90 for one barrel.

Another type, called West Texas Intermediate, also went up to $79.60 per barrel.

In India, the price of oil futures rose by 1.4 percent.

A futures deal is a promise to buy oil later, in this case for August delivery.

Traders bought more oil because shops and factories wanted it, which is called firm demand.

More people placing bets on higher prices also helped push prices upward.