Crude oil futures slip on weak global trend
Analysts said, continuous selling by participants in line with a weak trend in global crude mainly weighed on crude prices here.
New Delhi: Crude oil prices fell by another 0.7 per cent to Rs 4,415 per barrel in futures trade Thursday as speculators were indulged in reducing their holdings amid a weak trend overseas.
On the Multi Commodity Exchange (MCX), crude for delivery in May contracts eased by Rs 16, or 0.7 per cent, to Rs 4,415 per barrel in a business volume of 19,664 lots.
Analysts said, continuous offloading of holdings by participants in line with a weak trend in global crude mainly weighed on crude prices here. The oil for delivery in June contracts, too, lost Rs 10, or 0.22 per cent, to Rs 4,436 per barrel in 639 lots.
The West Texas Intermediate (WTI) crude fell 0.60 per cent to USD 63.22, while Brent crude, the international benchmark shed 0.58 per cent to USD 71.76 a barrel at the New York Mercantile Exchange.