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Crude oil futures slide on low demand

Press Trust of India  |  New Delhi 

Crude oil futures on Thursday fell by Rs 2 to Rs 3,660 per barrel after participants reduced positions tracking weak spot demand.

On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 2, or 0.05 per cent, to Rs 3,660 per barrel with a business volume of 28,202 lots.

Crude oil for March delivery was quoting lower by Rs 2, or 0.05 per cent, at Rs 3,689 per barrel with an open interest of 1,224 lots.

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

However, globally, West Texas Intermediate crude oil traded 0.12 per cent up at USD 51.23 per barrel.

While Brent Crude, the international benchmark, fell 0.07 per cent to trade at USD 55.75 per barrel in New York.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 13 2020. 12:34 IST
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