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Crude oil futures fall over 2 pc on weak global cues

Feb 21, 2020, 17:53 IST

PTI

New Delhi, Feb 21 () Crude oil futures on Friday fell over 2 per cent to Rs 3,821 per barrel after participants reduced positions tracking weak trend overseas.

The trading in the first half was closed on account of 'Mahashivratri'.

On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 83, or 2.13 per cent, to Rs 3,821 per barrel with a business volume of 19,887 lots.

Crude oil for April delivery was quoting lower by Rs 85, or 2.16 per cent, to Rs 3,845 per barrel with an open interest of 544 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.

Globally, West Texas Intermediate crude oil fell 1.82 per cent at USD 52.91 per barrel.

While Brent Crude, the international benchmark, fell 1.89 per cent to trade at USD 58.19 per barrel in New York. VHP SHWSHW

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