Crude oil futures dip on weak spot demand
On the Multi Commodity Exchange, crude oil for September delivery dropped by Rs 61, or 1.2 per cent, to Rs 5,010 per barrel with a business volume of 4,204 lots.
By PTI |
Agencies
NEW DELHI: Crude oil prices on Tuesday fell by Rs 61 to Rs 5,010 per barrel after participants cut their positions.
On the Multi Commodity Exchange, crude oil for September delivery dropped by Rs 61, or 1.2 per cent, to Rs 5,010 per barrel with a business volume of 4,204 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 1.23 per cent lower at USD 68.36 per barrel.
Meanwhile, Brent crude, the international benchmark, fell 0.95 per cent to trade at USD 72.71 per barrel in New York.
On the Multi Commodity Exchange, crude oil for September delivery dropped by Rs 61, or 1.2 per cent, to Rs 5,010 per barrel with a business volume of 4,204 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 1.23 per cent lower at USD 68.36 per barrel.
Meanwhile, Brent crude, the international benchmark, fell 0.95 per cent to trade at USD 72.71 per barrel in New York.
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