Crude oil futures declined by Rs 13 to Rs 3,624 per barrel today after participants cut down bets in tune with a weak trend in Asian trade. In futures trade at the Multi Commodity Exchange, crude oil for delivery in current month shed Rs 13, or 0.36 per cent, to Rs 3,624 per barrel, with a business volume of 2,119 lots. Oil for January moved down by a similar margin to trade at Rs 3,641 per barrel with a business volume of 45 lots. Marketmen said the fall in crude oil futures was mostly attributed to trimming of positions at futures trade in tandem with a weakening trend in Asian trade after official data confirmed a huge build in US gasoline supplies, offsetting the data showing crude stockpiles fell for the third straight week. Energy Information Agency (EIA) inventory report showed crude stockpiles fell more-than-estimated, Crude inventories fell 5.6 million barrels in the week to Dec. 1. Gasoline inventories rose by 6.8 million barrels, while supplies of distillate rose by about 1.7 million barrels. Meanwhile, West Texas Intermediate crude oil was down by 2.88 per cent to USD 55.96, while global benchmark, Brent fell 2.6 per cent to trade at USD 62.90 a barrel.
Crude oil futures fall Rs 13 per barrel on Asian cues
Press Trust of India |