Crude Oil Futures Drop on Weak Demand - PTI
Crude oil futures fell in India on Monday due to weak demand in the spot market. Prices were also affected by global declines in West Texas Intermediate and Brent crude.
New Delhi, Jan 20 (PTI) Crude oil futures on Monday fell Rs 33 to Rs 6,687 per barrel in futures trade as participants trimmed their positions on low demand.
On the Multi Commodity Exchange, crude oil for February delivery traded lower by Rs 33 or 0.49 per cent at Rs 6,687 per barrel in 9,031 lots.
Analysts said the prices were affected following participants offloaded their holding amid weak demand in the spot market.
Globally, West Texas Intermediate crude declined 0.27 per cent to USD 77.67 per barrel while Brent crude was trading 0.50 per cent lower at USD 80.39 per barrel in New York.
On the Multi Commodity Exchange, crude oil for February delivery traded lower by Rs 33 or 0.49 per cent at Rs 6,687 per barrel in 9,031 lots.
Analysts said the prices were affected following participants offloaded their holding amid weak demand in the spot market.
Globally, West Texas Intermediate crude declined 0.27 per cent to USD 77.67 per barrel while Brent crude was trading 0.50 per cent lower at USD 80.39 per barrel in New York.
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