Crude oil futures slip on soft demand

On the MCX, crude oil for delivery in October dropped by Rs 27, or 0.71 percent, to Rs 3,797 per barrel with a business volume of 34,024 lots.

Crude oil futures fell by Rs 27 to Rs 3,797 per barrel on October 16 after participants reduced positions even as oil strengthened in global markets.

On the Multi Commodity Exchange, crude oil for delivery in October dropped by Rs 27, or 0.71 percent, to Rs 3,797 per barrel with a business volume of 34,024 lots.

For November delivery, crude oil was quoting lower by Rs 33, or 0.86 percent, to Rs 3,811 per barrel with 1,350 lots.

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

Globally, West Texas Intermediate crude oil was trading 0.53 percent up at $53.09 per barrel.

Meanwhile Brent Crude, the international benchmark advanced 0.43 percent to trade at $58.99 per barrel in New York.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.