Crude Oil Futures Decline on Weak Global Demand
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Crude oil futures fell on Wednesday due to weak global demand, with West Texas Intermediate and Brent Crude also declining in New York. The decline comes as participants reduced their positions amid weak overseas market cues.
New Delhi, Apr 30 (PTI) Crude oil futures on Wednesday declined Rs 86 to Rs 5,090 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 May delivery declined Rs 86 or 1.66 per cent to Rs 5,090 per barrel in 16,477 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 1.27 per cent to USD 59.65 per barrel and Brent Crude was trading 1.17 per cent lower at USD 63.50 a barrel in New York.
On the Multi Commodity Exchange, crude oil for May delivery declined Rs 86 or 1.66 per cent to Rs 5,090 per barrel in 16,477 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 1.27 per cent to USD 59.65 per barrel and Brent Crude was trading 1.17 per cent lower at USD 63.50 a barrel in New York.
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