New Delhi, Jan 2 (PTI) Crude oil fell Rs 23 to Rs 5,200 per barrel in the futures trade on Friday, amid weak global trends as oversupply concerns weighed on prices.
On the Multi Commodity Exchange, crude
oil futures for January delivery slipped by Rs 23, or 0.44 per cent, to Rs 5,200 per barrel in a business turnover of 18,114 lots.
The February contract dipped by Rs 22, or 0.42 per cent, to Rs 5,210 per barrel in 2,222 lots.
According to Axis Securities, crude oil prices are trading lower by close to 1 per cent, marking its worst annual decline since 2020, with prices down by 20 per cent last year.
"Oversupply concerns and tariff-related uncertainties weighed on the market. Geopolitical tension and demand-side challenges are likely to keep crude prices range-bound for a few months in 2026," the brokerage firm said in a note.
In the international market, West Texas Intermediate (WTI) crude oil futures for February delivery fell 0.16 per cent to USD 57.33 per barrel while Brent Crude for March contract was trading 0.25 per cent lower at USD 60.70 per barrel in New York.
"Crude prices are continuing to be weak in-spite of sanctions on Russia and Iran and blockade on Venezuelan crude. A large volume of Russian crude was reportedly floating off the coast of China in oil tankers amid a lack of buyers," Prateek Agrawal, MD and CEO, Motilal Oswal AMC, said.
He added that if a truce between Russia and Ukraine emerges, crude prices could remain weak. Lower crude prices may support the Indian economy. PTI HG HG ANU
ANU
