Crude oil futures dip on weak spot demand

New Delhi

On the Multi Commodity Exchange, crude oil for August dropped by Rs 40, or 0.79 per cent, to Rs 5,042 per barrel with a business volume of 7,499 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 was trading 0.53 per cent lower at USD 67.79 per barrel. Meanwhile, Brent crude, the international benchmark, fell 0.55 per cent to trade at USD 69.99 per barrel in New York.