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BW Businessworld

Crude Oil Futures Dip On Weak Spot Demand

Brent Crude, the international benchmark, dipped 1.12 per cent to trade at USD 65.37 per barrel in New York.

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Crude oil prices on Monday fell by Rs 41 to Rs 4,611 per barrel after the participants reduced their positions.

On the Multi Commodity Exchange, crude oil for May delivery dropped by Rs 41, or 0.88 per cent, to Rs 4,611 per barrel with a business volume of 5,271 lots.

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

Globally, West Texas Intermediate crude oil was trading 1.09 per cent lower at USD 61.46 per barrel.

Meanwhile, Brent Crude, the international benchmark, dipped 1.12 per cent to trade at USD 65.37 per barrel in New York.

(PTI)


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crude oil oil prices oil demand brent crude Covid 19