Crude Oil Futures Decline on Weak Spot Demand
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Crude oil futures fell Rs 83 to Rs 5,486/barrel on MCX as participants trimmed positions amid weak spot market demand. WTI & Brent also fell.
New Delhi, Oct 1 (PTI) Crude oil futures on Wednesday declined Rs 83 to Rs 5,486 per barrel, as participants trimmed their positions amid weak demand in the spot market.
On the Multi-Commodity Exchange, crude oil for October delivery fell Rs 83 or 1.49 per cent to Rs 5,486 per barrel in 11,855 lots.
Analysts said the prices were affected after participants offloaded their holdings amid weak demand in the spot market.
Globally, however, West Texas Intermediate crude oil was trading 0.61 per cent lower at USD 61.76 per barrel, while Brent Crude fell 0.86 per cent to USD 65.46 per barrel in New York.
On the Multi-Commodity Exchange, crude oil for October delivery fell Rs 83 or 1.49 per cent to Rs 5,486 per barrel in 11,855 lots.
Analysts said the prices were affected after participants offloaded their holdings amid weak demand in the spot market.
Globally, however, West Texas Intermediate crude oil was trading 0.61 per cent lower at USD 61.76 per barrel, while Brent Crude fell 0.86 per cent to USD 65.46 per barrel in New York.
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