Crude Oil Futures Fall on Weak Spot Demand
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Crude oil futures declined due to weak spot demand. September delivery fell on MCX. WTI and Brent Crude also traded lower globally.
New Delhi, Aug 11 (PTI) Crude oil futures on Monday fell Rs 56 to Rs 5,493 per barrel as participants trimmed their positions, tracking weak demand in the spot market.
On the Multi-Commodity Exchange, crude oil for September delivery declined Rs 56 or 1.01 per cent to Rs 5,493 per barrel in 3,929 lots.
Analysts said the prices were affected after participants offloaded their holdings amid weak demand in the spot market.
Globally, West Texas Intermediate crude oil for September contract was trading 1.03 per cent lower at USD 63.22 per barrel, while Brent Crude for October contract fell 0.87 per cent to USD 66.01 per barrel in New York.
On the Multi-Commodity Exchange, crude oil for September delivery declined Rs 56 or 1.01 per cent to Rs 5,493 per barrel in 3,929 lots.
Analysts said the prices were affected after participants offloaded their holdings amid weak demand in the spot market.
Globally, West Texas Intermediate crude oil for September contract was trading 1.03 per cent lower at USD 63.22 per barrel, while Brent Crude for October contract fell 0.87 per cent to USD 66.01 per barrel in New York.
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