Crude Oil Futures Fall on Oversupply Concerns
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Crude oil futures decline on weak global cues and oversupply worries. February delivery slips on MCX. WTI & Brent Crude prices.
New Delhi, Jan 19 (PTI) Crude oil fell Rs 33 to Rs 5,416 per barrel in the futures trade on Monday, amid weak global trends as oversupply concerns weighed on prices.
On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 33, or 0.61 per cent, to Rs 5,416 per barrel in a business turnover of 13,469 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 0.19 per cent higher at USD 59.58 per barrel, while Brent Crude rose 0.20 per cent to USD 64.25 per barrel in New York.
On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 33, or 0.61 per cent, to Rs 5,416 per barrel in a business turnover of 13,469 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 0.19 per cent higher at USD 59.58 per barrel, while Brent Crude rose 0.20 per cent to USD 64.25 per barrel in New York.
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