Crude oil futures dip on weak spot demand

Crude oil prices on Monday fell Rs 83 to Rs 5,286 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 83, or 1.55 per cent, to Rs 5,286 per barrel with a business volume of 4,800 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 1.90 per cent lower at USD 70.70 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 1.66 per cent to trade at USD 72.87 per barrel in New York.