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 crude oil rose slightly, Brent Crude dipped.
New Delhi, Aug 18 (PTI) Crude oil futures on Monday fell Rs 102 to Rs 5,498 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 102 or 1.82 per cent to Rs 5,498 per barrel in 6,275 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 0.11 per cent higher at USD 62.87 per barrel, while Brent Crude for October contract fell 0.03 per cent to USD 65.83 per barrel in New York.
On the Multi-Commodity Exchange, crude oil for September delivery declined Rs 102 or 1.82 per cent to Rs 5,498 per barrel in 6,275 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 0.11 per cent higher at USD 62.87 per barrel, while Brent Crude for October contract fell 0.03 per cent to USD 65.83 per barrel in New York.
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