Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
Tracking weak trend in overseas markets, crude oil futures on Thursday fell by Rs 23 to Rs 3,783 per barrel after participants reduced position.
On the Multi Commodity Exchange (MCE), crude oil for February delivery dropped by Rs 23, or 0.60 per cent, to Rs 3,783 per barrel with a business volume of 19,583 lots.
Crude oil for March delivery was quoting lower by Rs 22, or 0.58 per cent, at Rs 3,803 per barrel with an open interest of 512 lots.
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Experts 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 traded 1.01 per cent lower at USD 52.79 per barrel.
Brent Crude, the international benchmark, dropped 1.02 per cent to trade at USD 59.20 per barrel in New York.
(With input from agencies)
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