Crude Oil Futures Decline Amid Weak Global Demand
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Crude oil futures fell on Thursday due to weak global demand. The decline in prices was driven by participants offloading their holdings amid weak global cues. WTI crude oil decreased 1.06% to USD 60.92 per barrel and Brent Crude was trading 1.05% lower at USD 64.23 a barrel in New York.
New Delhi, May 22 (PTI) Crude oil futures on Thursday declined Rs 87 to Rs 5,208 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 June delivery declined Rs 87 or 1.64 per cent to Rs 5,208 per barrel in 11,418 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 1.06 per cent to USD 60.92 per barrel and Brent Crude was trading 1.05 per cent lower at USD 64.23 a barrel in New York.
On the Multi Commodity Exchange, crude oil for June delivery declined Rs 87 or 1.64 per cent to Rs 5,208 per barrel in 11,418 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 1.06 per cent to USD 60.92 per barrel and Brent Crude was trading 1.05 per cent lower at USD 64.23 a barrel in New York.
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