4
Crude oil futures fell by Rs. 17 to Rs. 6,118 per barrel on Friday, February 28, as market participants reduced their positions in response to weak global demand. This decline comes amid concerns over sluggish overseas market conditions.
On the Multi Commodity Exchange (MCX), crude oil for March delivery traded 0.28% lower, with a drop of Rs. 17, reaching Rs. 6,118 per barrel across 3,558 lots.
Advertisements
Weak Global Cues Impact Oil Prices
Analysts noted that the price dip was primarily driven by participants selling off their holdings, influenced by unfavorable global market signals. On the international front, West Texas Intermediate (WTI) crude dropped 0.67% to $69.88 per barrel, while Brent crude saw a 0.68% decline, trading at $73.54 per barrel in New York.
Advertisements
Related topics:
