Crude oil futures drop 1% on weak spot demand

NEW DELHI: Crude oil prices on Monday fell by Rs 47 to Rs 4,467 per barrel after participants reduced positions despite the oil gaining overseas.

On the Multi Commodity Exchange, crude oil for April delivery dropped by Rs 47, or 1.04 per cent, to Rs 4,467 per barrel with a business volume of 5,914 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 1.38 per cent lower at USD 60.60 per barrel.

Meanwhile, Brent Crude, the international benchmark, dipped 1.42 per cent to trade at USD 63.94 per barrel in New York.

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