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# Business

Crude oil futures dip on weak spot demand

On the Multi Commodity Exchange, CRUDE oil for the October delivery dropped by Rs 154, to Rs 5,662 per barrel with a business volume of 8,389 lots.

PTI | New Delhi | October 7, 2021 5:36 pm

Crude oil futures dip on weak spot demand

Recovery in demand following easing of movement restrictions and the onset of the Russia-Ukraine war has led to a significant increase in crude oil prices

Crude oil prices on Thursday fell Rs 154 to Rs 5,662 per barrel after participants cut their positions.

On the Multi Commodity Exchange, oil for the October delivery dropped by Rs 154, or 2.65 per cent, to Rs 5,662 per barrel with a business volume of 8,389 lots.

Analysts said the fall in 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 2.23 per cent lower at USD 75.70 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 1.66 per cent to trade at USD 79.73 per barrel in New York.

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