Crude oil futures decline on MCX due to weak global cues and oversupply worries. February delivery slips to Rs 5,575 per barrel.
New Delhi, Jan 27 (PTI) Crude oil fell Rs 55 to Rs 5,575 per barrel in the futures trade on Tuesday, amid weak global trends as oversupply concerns weighed on prices.
On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 55, or 0.98 per cent, to Rs 5,575 per barrel in a business turnover of 14,503 lots.
Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market.
Globally, West Texas Intermediate crude oil was trading 0.40 per cent lower at USD 60.43 per barrel, while Brent Crude fell 0.49 per cent to USD 65.27 per barrel in New York. PTI DR DR BAL
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