Crude Oil Futures Fall on Oversupply Concerns
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Crude oil futures fell due to weak global cues and oversupply concerns. March delivery slipped on MCX. WTI and Brent Crude also declined.
New Delhi, Feb 3 (PTI) Crude oil prices fell Rs 18 to Rs 5,589 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 March delivery slipped by Rs 18, or 0.32 per cent, to Rs 5,589 per barrel in a business turnover of 376 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 0.35 per cent lower at USD 61.92 per barrel, while Brent Crude fell 0.42 per cent to USD 66.02 per barrel in New York.
On the Multi Commodity Exchange, crude oil futures for March delivery slipped by Rs 18, or 0.32 per cent, to Rs 5,589 per barrel in a business turnover of 376 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 0.35 per cent lower at USD 61.92 per barrel, while Brent Crude fell 0.42 per cent to USD 66.02 per barrel in New York.
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