Crude oil futures advanced Rs 23 to Rs 5,423 per barrel on Wednesday as traders built fresh positions, tracking strong spot demand.

On the Multi Commodity Exchange (MCX), September delivery contracts gained 0.43% or Rs 23 to Rs 5,423 per barrel in a business turnover of 15,375 lots.

Analysts attributed the uptick in crude oil prices to increased buying interest from participants in line with a firm trend in the spot market.