Crude oil futures soften on profit booking

Crude oil futures prices declined by Rs 12 to Rs 4,047 per barrel today, as speculators booked profits, driven by a weak demand in the spot market.

At the Multi Commodity Exchange counter, crude oil for delivery in January declined by Rs 12, or 0.30 per cent to Rs 4,047 per barrel, with a business turnover of 62 lots.

Similarly, the oil for delivery in February lost Rs 8, or 0.19 per cent to Rs 4,109 per barrel, with a trade volume of 15 lots.

Market analysts said profit booking by speculators amid fall in demand in the spot market led to the decline in crude oil futures prices.