Brent Crude inch higher to $62.50/$

Crude oil futures on Wednesday declined by Re 1 to Rs 5,306 per barrel as participants trimmed their positions amid weak demand in the spot market. On the Multi Commodity Exchange, crude oil for January delivery fell Rs 1, or 0.02 per cent, to Rs 5,306 per barrel in 2,464 lots.

Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market. Globally, West Texas Intermediate crude oil was trading 0.10 per cent higher at $58.71 per barrel, while Brent Crude rose 0.10 per cent to $62.50 per barrel in New York.

“Global oil prices edged higher on Wednesday, supported by renewed geopolitical concerns. Russia warned it may target ships from nations aiding Ukraine after recent tanker attacks, adding risk to maritime crude flows,” Mohammed Imran, Research Analyst, Mirae Asset ShareKhan, said.