Crude Oil Futures Decline Amid Weak Demand
Crude oil futures fell on Wednesday as participants reduced their holdings, influenced by weak global demand. West Texas Intermediate and Brent crude also saw declines.
New Delhi, Feb 12 (PTI) Crude oil futures on Wednesday fell Rs 20 to Rs 6,347 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 March delivery traded lower by Rs 20 or 0.31 per cent at Rs 6,347 per barrel in 796 lots.
Analysts said the prices were affected following participants offloading their holdings amid weak global cues.
Globally, West Texas Intermediate crude declined 0.40 per cent to USD 73.03 per barrel while Brent crude was trading 0.36 per cent lower at USD 76.72 per barrel in New York.
On the Multi Commodity Exchange, crude oil for March delivery traded lower by Rs 20 or 0.31 per cent at Rs 6,347 per barrel in 796 lots.
Analysts said the prices were affected following participants offloading their holdings amid weak global cues.
Globally, West Texas Intermediate crude declined 0.40 per cent to USD 73.03 per barrel while Brent crude was trading 0.36 per cent lower at USD 76.72 per barrel in New York.
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