Crude oil futures decline on low demand
NEW DELHI: Crude oil futures on Monday declined 1.57 per cent to Rs 7,074 per barrel as participants trimmed their positions after Iran’s attack on Israel. On the Multi Commodity Exchange, crude oil for April delivery fell Rs 113 or 1.57 per cent to Rs 7,074 per barrel with a business volume of 6,469 lots.
“Oil prices are trading lower on profit-booking and as risk premium due to Israel-Iran tussle eased after the weekend developments,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, said.
Globally, West Texas Intermediate crude oil traded 1.04 per cent lower at USD 84.77 per barrel, while Brent crude was trading 0.95 per cent lower at USD 89.59 per barrel in New York.
“Oil prices are trading lower on profit-booking and as risk premium due to Israel-Iran tussle eased after the weekend developments,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, said.
Globally, West Texas Intermediate crude oil traded 1.04 per cent lower at USD 84.77 per barrel, while Brent crude was trading 0.95 per cent lower at USD 89.59 per barrel in New York.
This article was originally published by a timesofindia.indiatimes.com
Read it HERE
