Crude oil futures witnessed a mild downturn on Friday, sliding Rs 17 to close at Rs 6,118 per barrel, as investors trimmed positions in response to softening global demand.
On India's Multi Commodity Exchange (MCX), crude oil contracts for March delivery settled lower by Rs 17, a decline of approximately 0.28%, with total trading volume recorded at 3,558 lots. Market analysts attributed this downturn to traders actively offloading their holdings, driven primarily by negative international market sentiment.
Globally, the benchmark West Texas Intermediate (WTI) crude oil prices slipped by 0.67%, trading at USD 69.88 per barrel. Simultaneously, Brent crude, another key international benchmark, also saw a dip of 0.68%, trading at USD 73.54 per barrel in New York.
The price movements indicate cautious market behavior amid persistent concerns about reduced global oil consumption, influencing traders to adopt a risk-averse approach in futures markets.
