Crude oil futures declined by ?17 to ?5,765 per barrel on Thursday, as traders reduced their positions in response to sluggish demand in the spot market.

On the Multi Commodity Exchange (MCX), crude oil contracts for August delivery slipped by 0.29%, or ?17, with a traded volume of 4,596 lots.

According to analysts, the pullback in prices was driven by participants offloading holdings amid continued weakness in spot market demand.