Crude oil futures dip on weak spot demand

Crude oil prices on Monday fell Rs 150 to Rs 5,225 per barrel after participants cut their positions. On the Multi Commodity Exchange (MCX), crude oil for August dropped by Rs 150, or 2.79 per cent, to Rs 5,225 per barrel with a business volume of 5,497 lots. Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid a weak spot demand. Globally, West Texas Intermediate crude oil was trading 2.98 per cent lower at $69.67 per barrel.