Crude Oil Futures Fall on Oversupply Concerns
Crude oil futures decline on weak global cues and oversupply worries. March delivery slips on MCX. WTI and Brent Crude also fall.
New Delhi, Feb 10 (PTI) Crude oil prices fell Rs 45 to Rs 5,825 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 45, or 0.77 per cent, to Rs 5,825 per barrel in a business turnover of 1,093 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 0.33 per cent lower at USD 64.15 per barrel, while Brent Crude fell 0.25 per cent to USD 68.87 per barrel in New York.
On the Multi Commodity Exchange, crude oil futures for March delivery slipped by Rs 45, or 0.77 per cent, to Rs 5,825 per barrel in a business turnover of 1,093 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 0.33 per cent lower at USD 64.15 per barrel, while Brent Crude fell 0.25 per cent to USD 68.87 per barrel in New York.
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