Saturday, November 27, 2021
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Crude oil futures dip on weak spot demand

NEW DELHI: Crude prices on Friday fell Rs 51 to Rs 5,087 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 51, or 0.99 per cent, to Rs 5,087 per barrel with a business volume of 5,807 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid a weak spot demand.

Globally, West Texas Intermediate crude oil was trading 0.97 per cent lower at USD 68.42 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.80 per cent to trade at USD 70.74 per barrel in New York.

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