Crude oil futures dip on weak spot demand

NEW DELHI: Crude oil prices on Friday fell Rs 21 to Rs 5,458 per barrel after the participants cut their positions.

On the Multi Commodity Exchange, crude oil for the July delivery dropped by Rs 21, or 0.39 per cent, to Rs 5,458 per barrel with a business volume of 7,942 lots.

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

Globally, West Texas Intermediate crude oil fell 0.22 per cent to USD 73.46 per barrel, while Brent crude traded 0.26 per cent lower at USD 75.76 per barrel in New York.