Crude oil futures slip on soft demand

Crude oil futures fell by Rs 27 to Rs 3,797 per barrel on Wednesday after participants reduced positions even as oil strengthened in global markets. On the Multi Commodity Exchange, crude oil for delivery in October dropped by Rs 27, or 0.71 per cent, to Rs 3,797 per barrel with a business volume of 34,024 lots.

For November delivery, crude oil was quoting lower by Rs 33, or 0.86 per cent, to Rs 3,811 per barrel with 1,350 lots. Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders.

Globally, West Texas Intermediate crude oil was trading 0.53 per cent up at USD 53.09 per barrel. Meanwhile Brent Crude, the international benchmark advanced 0.43 per cent to trade at USD 58.99 per barrel in New York.

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