Crude oil prices Wednesday fell by another 0.58 per cent to Rs 3,798 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas.
In futures trading at the Multi Commodity Exchange, crude for delivery in February fell by Rs 22, or 1.20 per cent, to Rs 4,040 per barrel in a business volume of 14,758 lots.
Analysts said continuous offloading of holdings by participants in line with a weakening trend in global crude, mainly weighed on crude prices at futures trade here.
The oil for delivery in March, too, lost Rs 23, or 0.6 per cent, to Rs 3,834 per barrel in 568 lots.
The West Texas Intermediate (WTI) crude fell 0.26 per cent to USD 53.17, while Brent crude, the international benchmark, shed 0.23 per cent to USD 61.18 a barrel at the New York Mercantile Exchange.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app