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Crude Oil Futures Dip On Weak Spot Demand

Crude oil for August dropped by Rs 5, or 0.1 per cent, to Rs 5,016 per barrel with a business volume of 5,133 lots.

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Crude oil prices on Wednesday fell Rs 5 to Rs 5,016 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for August dropped by Rs 5, or 0.1 per cent, to Rs 5,016 per barrel with a business volume of 5,133 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 0.25 per cent lower at USD 67.37 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.14 per cent to trade at USD 70.95 per barrel in New York. 

(PTI)


Tags assigned to this article:
crude oil brent crude Covid 19 Spot Demand