Crude oil futures drop 1% on weak spot demand
19 May 2021
NEW DELHI: Crude oil prices on Wednesday fell by Rs 50 to Rs 4,749 per barrel after the participants reduced their positions.
On the Multi Commodity Exchange, crude oil for the June delivery dropped by Rs 50, or 1.04 per cent, to Rs 4,749 per barrel with a business volume of 4,403 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 1.39 per cent lower at USD 64.58 per barrel.
Meanwhile, Brent crude, the international benchmark, dipped 1.24 per cent to trade at USD 67.86 per barrel in New York.