Crude Oil Futures Fall on Weak Global Cues
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Crude oil futures slip on MCX amid weak global cues and oversupply concerns. WTI & Brent Crude prices also decline in New York trading.
New Delhi, Feb 13 (PTI) Crude oil prices marginally fell Rs 2 to Rs 5,699 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 March delivery slipped by Rs 2, or 0.04 per cent, to Rs 5,699 per barrel in a business turnover of 1,013 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 0.29 per cent lower at USD 62.66 per barrel, while Brent Crude fell 0.21 per cent to USD 67.38 per barrel in New York.
On the Multi Commodity Exchange, crude oil futures for March delivery slipped by Rs 2, or 0.04 per cent, to Rs 5,699 per barrel in a business turnover of 1,013 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 0.29 per cent lower at USD 62.66 per barrel, while Brent Crude fell 0.21 per cent to USD 67.38 per barrel in New York.
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