Crude oil futures decline amid weak global cues and oversupply concerns. February delivery slips on MCX. Read the latest market analysis.

New Delhi, Jan 12 (PTI) Crude oil fell Rs 8 to Rs 5,358 per barrel in the futures trade on Monday, amid weak global trends as oversupply concerns weighed on prices.

On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 8, or 0.15 per cent, to Rs 5,358 per barrel in a business turnover of 6,761 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 0.15 per cent higher at USD 59.21 per barrel, while Brent Crude rose 0.17 per cent to USD 63.45 per barrel in New York.