Crude Oil Futures Fall on Oversupply Concerns
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Crude oil futures decline amid weak global cues and oversupply worries. February delivery slips on MCX. WTI and Brent Crude also fall.
New Delhi, Jan 30 (PTI) Crude oil fell Rs 84 to Rs 5,948 per barrel in the futures trade on Friday, amid weak global trends as oversupply concerns weighed on prices.
On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 84, or 1.39 per cent, to Rs 5,948 per barrel in a business turnover of 18,228 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 1.70 per cent lower at USD 64.31 per barrel, while Brent Crude fell 1.37 per cent to USD 69.74 per barrel in New York. PTI DR DR ANU
ANU
On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 84, or 1.39 per cent, to Rs 5,948 per barrel in a business turnover of 18,228 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 1.70 per cent lower at USD 64.31 per barrel, while Brent Crude fell 1.37 per cent to USD 69.74 per barrel in New York. PTI DR DR ANU
ANU
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