Crude oil futures dip on weak spot demand

Representative Image. Credit: AFP File Photo

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 per cent, 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 per cent lower at $59.07 per barrel.

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

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