Crude oil futures dip on weak spot demand

Crude oil prices on Monday fell by Rs 5 to Rs 4,429 per barrel after the participants reduced their positions.

On the Multi Commodity Exchange, crude oil for April delivery dropped by Rs 5, or 0.11 percent, to Rs 4,429 per barrel with a business volume of 5,445 lots.

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

Globally, West Texas Intermediate crude oil was trading 1.42 percent lower at USD 59.07 per barrel.

Meanwhile, Brent Crude, the international benchmark, dipped 1.44 percent to trade at USD 62.67 per barrel in New York.