Crude Oil Futures Decline on Weak Spot Demand
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Crude oil futures fell to Rs 5,435/barrel on MCX due to weak spot demand. Analysts cite offloading of holdings. WTI & Brent Crude rise globally.
New Delhi, Oct 3 (PTI) Crude oil futures on Friday declined by Rs 58 to Rs 5,435 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 58, or 1.06 per cent, to Rs 5,435 per barrel in 13,780 lots.
Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market.
Globally, West Texas Intermediate crude oil was trading 0.94 per cent higher at USD 61.05 per barrel, while Brent Crude rose 0.81 per cent to USD 64.63 per barrel in New York.
On the Multi-Commodity Exchange, crude oil for October delivery fell Rs 58, or 1.06 per cent, to Rs 5,435 per barrel in 13,780 lots.
Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market.
Globally, West Texas Intermediate crude oil was trading 0.94 per cent higher at USD 61.05 per barrel, while Brent Crude rose 0.81 per cent to USD 64.63 per barrel in New York.
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