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Crude oil declines on weak global cues

Prices down on expectations of contagion effect of the Eurozone crisis

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prices today fell 0.22% to Rs 5,086 per barrel, as speculators engaged in reducing their positions amid a weakening trend overseas.

At the MCX, crude oil for delivery in the June contract declined by Rs 11, or 0.22%, to Rs 5,086 per barrel in a turnover of 5,188 lots.

The July contract moved down by Rs 10, or 0.21%, to Rs 5,031 per barrel in 163 lots.

Analysts said trading sentiments remained weak at futures trade after crude oil prices fell in Asia amid expectations that Europe's sputtering economy will drag on global crude demand.

The July contract on the New York Mercantild Exchange fell 41 cents to $90.35 a barrel.

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