Crude oil futures slip on weak domestic cues

New Delhi, Feb 4 () Crude oil futures on Tuesday fell by Rs 16 to Rs 3,610 per barrel after participants reduced positions on weak domestic demand.

On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 16, or 0.44 per cent, to Rs 3,610 per barrel with a business volume of 37,555 lots.

Crude oil for March delivery was quoting lower by Rs 12, or 0.33 per cent, at Rs 3,639 per barrel with an open interest of 3,394 lots.

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

Globally, West Texas Intermediate crude oil traded 1.24 per cent up at USD 50.73 per barrel.

Brent Crude, the international benchmark, rose 0.72 per cent to trade at USD 54.84 per barrel in New York. SHW RUJ RUJ