Brent, WTI Crude oil futures dip on weak spot demand

Crude oil prices on Friday fell by Rs 44 to Rs 5,307 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for September delivery dropped by Rs 44, or 0.82 per cent, to Rs 5,307 per barrel with a business volume of 1,847 lots.

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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 was trading 0.80 per cent lower at USD 72.03 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.66 per cent to trade at USD 75.17 per barrel in New York.