Crude Oil Futures Decline on Weak Global Demand
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Crude oil futures eased on Wednesday, dropping Rs 14 to Rs 5,400 per barrel, driven by weak global demand and falling prices in overseas markets.
New Delhi, May 14 (PTI) Crude oil futures on Wednesday declined Rs 14 to Rs 5,400 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 14 or 0.26 per cent to Rs 5,400 per barrel in 6,941 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 0.47 per cent to USD 63.37 per barrel and Brent Crude was trading 0.44 per cent lower at USD 66.34 a barrel in New York.
On the Multi Commodity Exchange, crude oil for June delivery declined Rs 14 or 0.26 per cent to Rs 5,400 per barrel in 6,941 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 0.47 per cent to USD 63.37 per barrel and Brent Crude was trading 0.44 per cent lower at USD 66.34 a barrel in New York.
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