Crude oil futures fall on low demand

Crude oil futures fell 0.86 percent to Rs 4,048 per barrel on Wednesday as speculators booked profits at existing levels, amid subdued spot demand. Crude oil contracts for October delivery traded lower by Rs 35, or 0.86 percent, at Rs 4,048 per barrel with a business volume of 14,562 lots on the Multi Commodity Exchange.

Crude oil contracts for November delivery traded lower by Rs 38, or 0.93 percent, at Rs 4,050 per barrel in a business turnover of 138 lots. Analysts said the fall in crude oil futures was in tune with a weak trend in domestic markets, where it slipped on profit-booking by speculators.

Meanwhile, the West Texas Intermediate shed 0.75 percent to USD 56.86 per barrel, while global benchmark Brent was down 0.95 percent to USD 62.50 per barrel in New York.