Crude oil futures decline on sluggish spot demand
03 May 2021
NEW DELHI: Crude oil prices on Monday fell by Rs 29 to Rs 4,694 per barrel after the participants reduced their positions.
On the Multi Commodity Exchange, crude oil for May delivery dropped by Rs 29, or 0.61 per cent, to Rs 4,694 per barrel with a business volume of 6,002 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.
Globally, West Texas Intermediate crude oil was trading 0.61 per cent lower at USD 63.19 per barrel.
Meanwhile, Brent Crude, the international benchmark, fell 0.57 per cent to trade at USD 66.38 per barrel in New York.