Crude oil futures drop amid weak spot demand

NEW DELHI: Crude oil prices on Thursday fell by Rs 38 to Rs 4,600 per barrel after the participants reduced their positions.

On the Multi Commodity Exchange, crude oil for May delivery dropped by Rs 38, or 0.82 per cent, to Rs 4,600 per barrel with a business volume of 5,057 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 0.36 per cent lower at USD 61.13 per barrel.

Meanwhile, Brent Crude, the international benchmark, dipped 0.26 per cent to trade at USD 65.15 per barrel in New York.

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