Crude oil prices fall 0.05 pct amid weak trend overseas

Crude oil prices Tuesday fell 0.05 per cent to Rs 4,401 per barrel as participants reduced holdings amid a weak trend overseas. At the Multi Commodity Exchange, crude for delivery in April fell by Rs 2, or 0.05 per cent, to Rs 4,401 per barrel in a business volume of 18,970 lots.

The oil contracts for delivery in May fell by Rs 2, or 0.05 per cent, to Rs 4,431 per barrel in a business volume of 3,328 lots. Analysts said offloading of holdings by participants, in line with a weak trend in global crude, mainly weighed on oil prices here. Meanwhile, the West Texas Intermediate (WTI) crude fell 0.06 per cent to USD 63.44, while Brent crude, the international benchmark, fell 0.24 per cent to USD 71.01 a barrel on the New York Mercantile Exchange.

(With inputs from agencies.)