The oil to be delivered in January declined Rs 1.70, or 0.30 per cent, to Rs 559 per 10 kg at the Multi Commodity Exchange in business turnover of 142 lots.
Likewise, the oil for delivery in February contracts shed Rs 1.60, or 0.28 per cent, to Rs 563.40 per 10 kg in 73 lots.
Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position on higher supplies from growing regions influenced prices.
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