New Delhi, May 12 — Crude oil futures witnessed a decline of Rs 48 to settle at Rs 5,245 per barrel on Monday, as traders pared down positions in response to subdued demand signals from international markets.
On the Multi Commodity Exchange (MCX), the June delivery contract for crude oil dropped by 0.92 per cent, or Rs 48, with a total trade volume of 4,514 lots.
Market analysts say the downward price movement was primarily driven by participants offloading their holdings amid weak global cues, indicating caution in the energy sector.
Despite the domestic dip, global benchmarks showed signs of recovery. West Texas Intermediate (WTI) crude rose by 1.46 percent to USD 61.91 per barrel, while Brent Crude climbed 1.41 percent to USD 64.81 per barrel in New York trading.
The contrasting trends between domestic futures and global benchmarks highlight the nuanced market sentiment, as traders respond to regional demand outlooks and broader macroeconomic indicators.
