Crude oil futures dip on weak global cues

Crude oil prices on Thursday declined Rs 46 to Rs 5,588 per barrel in the futures trade on the MCX amid reports that OPEC+ may announce another production hike at its upcoming meetings. Crude oil futures decreased 0.82 per cent in a business turnover of 11,320 lots.

In the overseas markets, West Texas Intermediate Crude Oil dipped 1.03 per cent to $63.31 per barrel while Brent Crude went lower by nearly 1 per cent to $66.94 a barrel.

“Crude oil slumped on Wednesday, giving up earlier gains, after reports suggested OPEC+ may announce another production hike at its upcoming meetings,” said Rahul Kalantri, Vice-President of Commodities, Mehta Equities.