Crude Oil Futures Dip on Weak Global Demand
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Crude oil futures declined on the Multi Commodity Exchange due to weak global demand and offloading of holdings by participants. The overseas futures markets were shut for Memorial Day in the US.
New Delhi, May 26 (PTI) Crude oil futures on Monday slipped Rs 3 to Rs 5,256 per barrel as participants trimmed their positions tracking weak demand in the spot market.
On the Multi Commodity Exchange, crude oil for June delivery declined Rs 3 or 0.06 per cent to Rs 5,256 per barrel in 11,700 lots.
Analysts said the prices were affected following participants offloading their holdings amid weak demand in the spot market.
The overseas futures markets were shut for Memorial Day being observed in the US.
On the Multi Commodity Exchange, crude oil for June delivery declined Rs 3 or 0.06 per cent to Rs 5,256 per barrel in 11,700 lots.
Analysts said the prices were affected following participants offloading their holdings amid weak demand in the spot market.
The overseas futures markets were shut for Memorial Day being observed in the US.
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