Crude oil futures drop on sluggish spot demand

NEW DELHI: Crude oil prices on Friday fell by Rs 25 to Rs 4,792 per barrel after the participants reduced their positions.

On the Multi Commodity Exchange, crude oil for May delivery dropped by Rs 25, or 0.52 per cent, to Rs 4,792 per barrel with a business volume of 7,234 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.

Globally, however, West Texas Intermediate crude oil was trading 0.65 per cent higher at USD 64.59 per barrel.

Meanwhile, Brent Crude, the international benchmark, lowered 0.51 per cent to trade at USD 68.21 per barrel in New York.

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