Crude Oil Futures Dip Amid Weak Global Demand

New Delhi, May 30 (PTI) Crude oil futures on Friday dipped Rs 10 to Rs 5,205 per barrel as participants trimmed their positions tracking weak demand in the spot market.

On the Multi Commodity Exchange, crude oil for June delivery fell Rs 10 or 0.19 per cent to Rs 5,205 in a business turnover of 12,546 lots.

Analysts said the prices were affected following participants offloading their holdings amid weak demand in the spot market.


Globally, West Texas Intermediate crude oil was trading 0.44 per cent lower at USD 60.67 per barrel while Brent Crude fell 0.41 per cent to USD 63.89 per barrel in New York.

"Crude oil showed very high price volatility and gained in the early trading session after US Federal court blocks Trump's tariff plan but prices were unable to sustain at higher levels and plunged again," Rahul Kalantri, Vice-President of Commodities at Mehta Equities, said.

Further, the OPEC+ is also planning to increase output hikes of 4,11,000 barrel per day from July and weighing on oil prices, Kalantri added.