Crude Oil Futures Decline on Weak Spot Demand
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Crude oil futures fell on MCX due to weak spot demand. November delivery down Rs 22. WTI and Brent Crude also saw declines in New York.
New Delhi, Oct 17 (PTI) Crude oil futures on Friday declined by Rs 22 to Rs 5,044 per barrel as participants trimmed their positions amid weak demand in the spot market.
On the Multi-Commodity Exchange, crude oil for November delivery fell Rs 22 or 0.43 per cent to Rs 5,044 per barrel in 6,304 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 0.40 per cent lower at USD 57.23 per barrel, while Brent Crude fell 0.38 per cent to USD 60.80 per barrel in New York.
On the Multi-Commodity Exchange, crude oil for November delivery fell Rs 22 or 0.43 per cent to Rs 5,044 per barrel in 6,304 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 0.40 per cent lower at USD 57.23 per barrel, while Brent Crude fell 0.38 per cent to USD 60.80 per barrel in New York.
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