Crude oil futures dip on weak spot demand

Crude oil prices on Monday fell by Rs 33 to Rs 5,029 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for the September delivery dropped by Rs 33, or 0.65 percent, to Rs 5,029 per barrel with a business volume of 4,844 lots.

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

Globally, West Texas Intermediate crude oil was trading 0.95 percent lower at USD 68.09 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.41 percent to trade at USD 72.40 per barrel in New York.

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