Crude oil futures dip on weak spot demand

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New Delhi, Jul 22 (PTI) Crude oil prices on Thursday fell Re 1 to Rs 5,251 per barrel after participants reduced their positions.

On the Multi Commodity Exchange, crude oil for the August delivery dropped by Re 1, or 0.02 per cent, to Rs 5,251 per barrel with a business volume of 5,067 lots.

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

However, globally, West Texas Intermediate crude oil was trading 0.17 per cent higher at USD 70.42 per barrel.

Meanwhile, Brent crude, the international benchmark, rose 0.03 per cent to trade at USD 72.25 per barrel in New York. PTI SHW DRR DRR

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