Crude oil sheds 1.5% on MCX on weak global cues

Crude oil futures prices today fell 1.47% to Rs 5,233 per barrel, as speculators trimmed positions amid a weakening trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in June lost Rs 77, or 1.47%, to Rs 5,233 per barrel in a turnover of 2,136 lots.

Similarly, May crude moved down by Rs 76, or 1.44%, to Rs 5,187 per barrel in 25,114 lots.

Analysts said trading sentiment turned weak at futures trade after crude oil prices extended losses in Asian trade today, as French and Greece election results stoked investor concerns over the euro zone debt crisis, while disappointing US economic data also weighed.

Meanwhile, crude oil for delivery in June fell $1.92 to $96.57 a barrel in morning trade today on the New York Mercantile Exchange.