MCX crude oil futures slip nearly 1%.
Brent and WTI prices decline on supply hopes.
Analysts see crude trading in a sideways-to-bearish trend.
Crude Oil Futures Slip to ₹6,686/Barrel Amid Weak Global Cues
MCX crude declines alongside Brent and WTI as expectations of adequate supply weigh on oil prices
Crude Oil Futures Slip to ₹6,686/Barrel Amid Weak Global Cues
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Crude oil futures fell nearly 1% on Tuesday, tracking weakness in global benchmark prices amid expectations of adequate supplies.
On the Multi Commodity Exchange (MCX), crude oil contracts for July delivery declined by ₹42, or 0.62%, to ₹6,686 per barrel in a business turnover of 18,339 lots.
The August contract also fell by ₹38, or 0.57%, to ₹6,685 per barrel in 2,391 lots.
"MCX crude oil remains in a sideways-to-bearish trend, tracking subdued global crude prices, with WTI hovering near $70 per barrel," Kaveri More, Commodity Fundamental Analyst at Choice Broking, said.
Globally, Brent oil futures for September delivery also slipped nearly 1% to $73.40 per barrel on the ICE, and West Texas Intermediate crude for August delivery traded nearly 1% lower at $70.21 per barrel on the NYMEX.