Crude oil futures fall on weak global cues

Crude oil fell Rs 33 to Rs 5,416 per barrel in the futures trade on Monday, amid weak global trends as oversupply concerns weighed on prices. Globally, West Texas Intermediate crude oil was trading 0.64 per cent lower at USD 58.96 per barrel, while Brent Crude fell 0.59 per cent to USD 63.75 per barrel in New York.

Crude oil fell Rs 33 to Rs 5,416 per barrel in the futures trade on Monday, amid weak global trends as oversupply concerns weighed on prices. On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 33, or 0.61 per cent, to Rs 5,416 per barrel in a business turnover of 13,469 lots. Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market. Globally, West Texas Intermediate crude oil was trading 0.64 per cent lower at USD 58.96 per barrel, while Brent Crude fell 0.59 per cent to USD 63.75 per barrel in New York.

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