Crude oil down 0.24% on Asian cues

Call by G7 to hike output influences prices

Crude oil futures prices declined by 0.24% to Rs 5,383 per barrel today in line with a weak trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in October shed Rs 13, or 0.24%, to Rs 5,383 per barrel, with a business volume of 507 lots.

The September contract moved down by Rs 12, or 0.22%, to Rs 5,350 per barrel, with a turnover of 9,811 lots.

Marketmen said the fall in crude oil futures prices was due to a weak trend in Asian trade.

Call by the Group of Seven nations for oil producers to increase output, interrupted a crude rally fuelled by US production facility closures due to Hurricane Isaac.

Meanwhile, crude oil for delivery in October was down 37 cents to $95.96 a barrel on the New York Mercantile Exchange.