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 saw price drops.
New Delhi, Aug 19 (PTI) Crude oil futures on Tuesday fell Rs 43 to Rs 5,501 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 43, or 0.78 per cent, to Rs 5,501 per barrel in 3,314 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 0.42 per cent lower at USD 63 per barrel, while Brent Crude fell 0.66 per cent to USD 66.16 per barrel in New York.
On the Multi-Commodity Exchange, crude oil for September delivery declined Rs 43, or 0.78 per cent, to Rs 5,501 per barrel in 3,314 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 0.42 per cent lower at USD 63 per barrel, while Brent Crude fell 0.66 per cent to USD 66.16 per barrel in New York.
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