Crude Oil Futures Fall on Oversupply Concerns
Crude oil futures decline on MCX due to weak global cues and oversupply worries. February contract slips. WTI and Brent also fall.
New Delhi, Jan 6 (PTI) Crude oil fell Rs 17 to Rs 5,260 per barrel in the futures trade on Tuesday, amid weak global trends as oversupply concerns weighed on prices.
On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 17, or 0.32 per cent, to Rs 5,200 per barrel in a business turnover of 2,946 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 0.31 per cent lower at USD 58.14 per barrel, while Brent Crude fell 0.21 per cent to USD 61.63 per barrel in New York.
On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 17, or 0.32 per cent, to Rs 5,200 per barrel in a business turnover of 2,946 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 0.31 per cent lower at USD 58.14 per barrel, while Brent Crude fell 0.21 per cent to USD 61.63 per barrel in New York.
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