In New Delhi, the price of crude oil in the future trading market went up by 51 rupees to 6,304 rupees per barrel. This increase happened because more people were interested in buying it, driven by strong demand in the immediate (“spot”) market.
On the Multi Commodity Exchange, the price for the crude oil to be delivered in February went up by 0.82%, and this was across a large number of deals.
Experts believe that the prices went up because more traders were placing bets that the prices would rise.
