Crude oil slips nearly 2% in futures trade on profit-booking
Crude oil prices declined nearly 2 per cent to Rs 8,575 per barrel in futures trade on Thursday as traders booked profits after the recent rally, tracking a weak trend in the global markets.
On the Multi Commodity Exchange (MCX), crude oil contracts for June delivery fell by Rs 151, or 1.73 per cent, to Rs 8,575 per barrel in a business turnover of 8,887 lots.
Similarly, the July contract declined by Rs 145, or 1.69 per cent, to Rs 8,442 per barrel in 2,900 lots. Market participants said both contracts opened on a firm note but later slipped into the negative territory as investors locked in gains after the recent surge in prices. Analysts said the correction in domestic futures mirrored the weakness in overseas markets, though concerns over global energy supplies continued to keep traders cautious.
In the international markets, Brent crude futures for August delivery declined 0.58 per cent to USD 92.56 per barrel, while West Texas Intermediate (WTI) slipped 0.4 per cent to USD 89.67 per barrel on the NYMEX. Despite the decline, crude oil prices remained elevated amid lingering geopolitical tensions and uncertainty over supply from the Gulf region.
