Crude Oil Futures Fall on Weak Global Cues
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Crude oil futures decline on MCX due to weak global cues and oversupply concerns. May delivery at Rs 8,554/barrel. WTI & Brent also down.
New Delhi, Apr 16 (PTI) Crude oil prices fell Rs 54 to Rs 8,554 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 May delivery slipped by Rs 54, or 0.63 per cent, to Rs 8,554 per barrel in a business turnover of 6,372 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 0.41 per cent lower at USD 91.66 per barrel, while Brent Crude fell 0.06 per cent to USD 94.99 per barrel in New York.
On the Multi Commodity Exchange, crude oil futures for May delivery slipped by Rs 54, or 0.63 per cent, to Rs 8,554 per barrel in a business turnover of 6,372 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 0.41 per cent lower at USD 91.66 per barrel, while Brent Crude fell 0.06 per cent to USD 94.99 per barrel in New York.
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