Crude oil futures dip on weak spot demand

Crude oil prices on Monday fell by Rs 39 to Rs 5,023 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for September delivery dropped by Rs 39, or 0.77 percent, to Rs 5,023 per barrel with a business volume of 4,585 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 0.97 percent lower at USD 68.62 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.92 percent to trade at USD 71.94 per barrel in New York.