Crude Oil Futures Fall on Weak Global Cues
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Crude oil futures decline by Rs 106 to Rs 5,770 per barrel due to weak global trends and oversupply concerns. Market analysis included.
New Delhi, Feb 6 (PTI) Crude oil prices fell Rs 106 to Rs 5,770 per barrel in the futures trade on Thursday, amid weak global trends as oversupply concerns weighed on prices.
On the Multi Commodity Exchange, crude oil futures for March delivery slipped by Rs 106, or 1.8 per cent, to Rs 5,770 per barrel in a business turnover of 236 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 2.27 per cent lower at USD 63.66 per barrel, while Brent Crude fell 2.25 per cent to USD 67.90 per barrel in New York.
On the Multi Commodity Exchange, crude oil futures for March delivery slipped by Rs 106, or 1.8 per cent, to Rs 5,770 per barrel in a business turnover of 236 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 2.27 per cent lower at USD 63.66 per barrel, while Brent Crude fell 2.25 per cent to USD 67.90 per barrel in New York.
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