Crude oil futures dip on weak spot demand

NEW DELHI: Crude oil prices on Tuesday fell Rs 16 to Rs 5,414 per barrel after the participants cut their positions.

On the Multi Commodity Exchange, crude oil for the July delivery dropped by Rs 16, or 0.29 per cent, to Rs 5,414 per barrel with a business volume of 9,493 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 0.41 per cent lower at USD 73.36 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.12 per cent to trade at USD 74.81 per barrel in New York.