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 edged lower.
New Delhi, Sep 5 (PTI) Crude oil futures on Friday fell Rs 11 to Rs 5,600 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 11, or 0.2 per cent, to Rs 5,600 per barrel in 11,188 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 0.27 per cent lower at USD 63.31 per barrel, while Brent Crude fell 0.19 per cent to USD 66.86 per barrel in New York.
On the Multi-Commodity Exchange, crude oil for September delivery declined Rs 11, or 0.2 per cent, to Rs 5,600 per barrel in 11,188 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 0.27 per cent lower at USD 63.31 per barrel, while Brent Crude fell 0.19 per cent to USD 66.86 per barrel in New York.
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