MCX Crude Oil Prices Decline 1.25% in March Contract
New Delhi, February 23: Crude oil prices declined sharply in futures trade on Monday, tracking weak global benchmarks and subdued demand trends.On the Multi Commodity Exchange, crude oil futures for March delivery dropped by ₹76, or 1.25 percent, to ₹5,981 per barrel. The contract recorded a business turnover of 14,454 lots during the session, reflecting active participation despite the price decline.
Weak Spot Demand Triggers Profit Booking
Market participants attributed the fall in crude oil futures to offloading of positions amid weak demand in the spot market. The selling pressure weighed on prices as traders adjusted their exposure in response to softer consumption trends.Global Crude Benchmarks Trade Lower
In international markets, crude oil benchmarks were also under pressure.West Texas Intermediate crude was trading 1.26 percent lower at USD 65.64 per barrel in New York. Meanwhile, Brent crude slipped nearly 1 percent to USD 70.63 per barrel.
The weakness in global crude prices mirrored the trend seen in domestic futures, keeping energy markets under pressure at the start of the week.
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