Crude oil prices declined by nearly 1 per cent in futures trading on Monday, mirroring weakness in global benchmarks and reflecting cautious sentiment in the energy market.
MCX Crude Oil Contracts Trade Lower
On the Multi Commodity Exchange, crude oil for February delivery fell by ₹48, or 0.84 per cent, to ₹5,675 per barrel. The contract recorded a trading volume of 8,416 lots during the session.The March crude oil contract also witnessed selling pressure, slipping by ₹38, or 0.66 per cent, to ₹5,694 per barrel, with a traded volume of 8,702 lots.
The decline in domestic futures prices reflects the broader weakness seen in international crude benchmarks.
Global Oil Benchmarks Edge Lower
In the international market, West Texas Intermediate crude oil eased by 0.27 per cent to USD 62.71 per barrel in New York. Meanwhile, Brent Crude declined by 0.27 per cent to USD 67.57 per barrel.Market participants attributed the weakness to concerns surrounding demand recovery and ongoing geopolitical uncertainties, which have kept investors cautious. The subdued global trend has directly influenced domestic crude oil futures, leading to lower prices on the MCX.
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