Crude Oil Futures Decline Amid Weak Global Demand

New Delhi, Mar 27 (PTI) Crude oil futures on Thursday went lower by Rs 23 to Rs 5,968 per barrel in futures trade as participants trimmed their positions tracking weak demand in the overseas market.

On the Multi Commodity Exchange, crude oil for April delivery declined by Rs 23 or 0.38 per cent to Rs 5,968 per barrel in 5,587 lots.

Analysts said the prices were affected following participants offloading their holdings amid weak global cues.

On the global front, West Texas Intermediate crude oil decreased 0.30 per cent to USD 69.44 per barrel and Brent Crude was trading 0.31 per cent lower at USD 73.56 a barrel in New York.

According to Mehta Equities' VP of Commodities, Rahul Kalantri, crude oil prices will remain volatile on Thursday amid a tight global supply due to US sanctions on Iranian oil.

Further, restrictions on Venezuelan oil exports by US President Donald Trump added upward pressure while concerns over a proposed 25 per cent trade tariff on foreign automobiles, could also weaken oil demand, limiting gains, Kalantri said.