Crude oil futures dip on weak spot demand
On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 69, or 1.25 per cent, to Rs 5,448 per barrel with a business volume of 6,699 lots.
By PTI |
BCCL - Non Copyright
NEW DELHI: Crude oil prices on Monday fell by Rs 69 to Rs 5,448 per barrel after participants cut their positions.
On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 69, or 1.25 per cent, to Rs 5,448 per barrel with a business volume of 6,699 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid a weak spot demand.
Globally, West Texas Intermediate crude oil was trading 0.97 per cent lower at USD 73.23 per barrel.
Meanwhile, Brent crude, the international benchmark, fell 0.98 per cent to trade at USD 74.67 per barrel in New York.
On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 69, or 1.25 per cent, to Rs 5,448 per barrel with a business volume of 6,699 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid a weak spot demand.
Globally, West Texas Intermediate crude oil was trading 0.97 per cent lower at USD 73.23 per barrel.
Meanwhile, Brent crude, the international benchmark, fell 0.98 per cent to trade at USD 74.67 per barrel in New York.
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