Crude oil futures fall on spot demand

Crude oil futures on Wednesday fell by Rs 12 to Rs 3,572 per barrel after participants reduced positions despite oil gaining overseas.

On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 12, or 0.33 per cent, to Rs 3,572 per barrel with a business volume of 34,695 lots.

Crude oil for March delivery was quoting lower by Rs 11, or 0.30 per cent, at Rs 3,600 per barrel with an open interest of 1,073 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.

Globally, West Texas Intermediate crude oil traded 0.89 per cent up at $50.05 per barrel.

Brent Crude, the international benchmark, rose 0.95 per cent to trade at $54.47 per barrel in New York.