Crude oil futures dip on weak spot demand

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NEW DELHI: Crude oil prices on Monday fell by Rs 25 to Rs 5,046 per barrel after the participants cut their positions.

On the Multi Commodity Exchange, crude oil for the June delivery dropped by Rs 25, or 0.49 per cent, to Rs 5,046 per barrel with a business volume of 9,860 lots.

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

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Globally, West Texas Intermediate crude oil was trading 0.59 per cent lower at USD 69.21 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.64 per cent to trade at USD 71.43 per barrel in New York.

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