Oil field machinery silhouetted against a sunset sky. Photo: X New Delhi: Crude oil futures on Tuesday declined Rs 16 to Rs 5,506 per barrel, as participants trimmed their positions amid weak demand in the spot market.
On the Multi-Commodity Exchange, crude oil for October delivery fell Rs 16 or 0.29 per cent to Rs 5,506 per barrel in 12,933 lots.
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Crude oil futures ease amid weak spot demand
Analysts said the prices were affected after participants offloaded their holdings amid weak demand in the spot market.
Globally, however, West Texas Intermediate crude oil was trading 0.33 per cent lower at USD 61.95 per barrel, while Brent Crude fell 0.56 per cent to USD 66.20 per barrel in New York.