Crude oil futures falls on reduced offtake'
Crude oil futures fell by 1.64 per cent on Thursday due to reduced offtake by traders, driven by weak demand in the spot market.business Updated: Feb 05, 2009 12:23 IST
Crude oil futures fell by 1.64 per cent on Thursday due to reduced offtake by traders, driven by weak demand in the spot market.
On the Multi Commodity Exchange, crude oil for the most-active February contract moved down by 1.64 per cent to Rs 1,980 per barrel. The contract clocked 1,488 lots.
Similarly, crude oil for March-month contract slipped by 0.59 per cent to Rs 2,185 per barrel with trading volume of 115 lots.
Market experts said a weakening trend in the overseas markets on sluggish demand mainly brought down crude oil prices in the futures market here.
Meanwhile in New York's main futures contract, light sweet crude for delivery in March, eased 17 cents to 40.15 dollar a barrel.