Crude oil futures dip on weak spot demand

NEW DELHI: Crude prices on Tuesday fell Rs 40 to Rs 4,966 per barrel after participants cut their positions.

On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 409, or 0.8 per cent, to Rs 4,966 per barrel with a business volume of 4,643 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 0.65 per cent lower at USD 66.85 per barrel.

Meanwhile, Brent crude, the international benchmark, fell 0.59 per cent to trade at USD 69.10 per barrel in New York.