Markets: Crude oil futures dip on weak spot demand

New Delhi, (PTI): Crude oil prices on Monday fell by Rs 39 to Rs 5,023 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for September delivery dropped by Rs 39, or 0.77 per cent, to Rs 5,023 per barrel with a business volume of 4,585 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 0.97 per cent lower at USD 68.62 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.92 per cent to trade at USD 71.94 per barrel in New York. (PTI)