Crude oil futures ease on low demand
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.
New Delhi: Crude oil futures on Wednesday plummeted 7.17 per cent to Rs 1,916 per barrel as participants trimmed their positions on weak spot demand.
On the Multi Commodity Exchange, crude oil for April delivery fell by Rs 148, or 7.17 per cent, to Rs 1,916 per barrel with a business volume of 22,313 lots.
Crude oil for May delivery was quoting lower by Rs 80, or 3.36 per cent, to Rs 2,298 per barrel with an open interest of 3,762 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.
Globally, West Texas Intermediate crude oil fell 0.96 per cent to $24.59 per barrel and Brent Crude slipped 0.23 per cent to $32.10 per barrel in New York.
On the Multi Commodity Exchange, crude oil for April delivery fell by Rs 148, or 7.17 per cent, to Rs 1,916 per barrel with a business volume of 22,313 lots.
Crude oil for May delivery was quoting lower by Rs 80, or 3.36 per cent, to Rs 2,298 per barrel with an open interest of 3,762 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.
Globally, West Texas Intermediate crude oil fell 0.96 per cent to $24.59 per barrel and Brent Crude slipped 0.23 per cent to $32.10 per barrel in New York.