2 weeks ago
Brent crude trades higher at $87.85 per barrel
Oil is like a big treasure that many people want to buy.
When more people want to buy it, the price goes up.
On Friday, the price of oil went up a little bit.
In India, people who trade oil paid a bit more money for it.
This happened because people who need oil wanted to buy more of it.
There are different kinds of oil around the world.
One kind, called Brent, also cost a little more on Friday.
Another kind, called West Texas Intermediate, went up too.
When buyers think oil will be needed more, they buy it early, and that makes the price rise.
Crude oil futures on the Multi Commodity Exchange rose 0.57 per cent to Rs 7,808 per barrel for September delivery.
Brent crude prices rose 0.90 per cent to $87.85 per barrel.
West Texas Intermediate crude traded 1.29 per cent higher at $82.30 per barrel.
Participants increased their positions in futures trade following firm spot demand.
Analysts said the rise of bets by participants kept crude oil prices higher in futures trade.
- Who
- Traders and analysts in the crude oil futures market
- What
- Crude oil futures prices rose, with Brent crude up 0.90 per cent to $87.85 per barrel and West Texas Intermediate up 1.29 per cent to $82.30 per barrel
- Where
- The Multi Commodity Exchange in India and in New York, according to the article
- When
- Friday
- Why
- Participants increased their positions in futures trade following firm spot demand
Key facts
- Crude oil futures (MCX, September delivery)
- Rs 7,808 per barrel, up Rs 44 (0.57%)
- Brent crude
- $87.85 per barrel, up 0.90%
- West Texas Intermediate crude
- $82.30 per barrel, up 1.29%
- Exchange
- Multi Commodity Exchange (MCX)
- Contract month
- September
- Traded lots
- 3,491
Sources
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