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 prices also decreased.
New Delhi, Aug 13 (PTI) Crude oil futures on Wednesday fell Rs 23 to Rs 5,483 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 23 or 0.42 per cent to Rs 5,483 per barrel in 7,846 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 was trading 0.38 per cent lower at USD 62.93 per barrel, while Brent Crude fell 0.30 per cent to USD 65.92 per barrel in New York.
On the Multi Commodity Exchange, crude oil for September delivery declined Rs 23 or 0.42 per cent to Rs 5,483 per barrel in 7,846 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 was trading 0.38 per cent lower at USD 62.93 per barrel, while Brent Crude fell 0.30 per cent to USD 65.92 per barrel in New York.
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