Crude oil down 1.3% on weak Asian cues

Oil for delivery in January last year moved down by 0.78%

Crude oil futures prices fell by 1.32% to Rs 5,913 per barrel today, as speculators trimmed positions amid a weakening trend in the Asian trade.

 

At the Multi Commodity Exchange, crude oil for delivery in December fell Rs 79, or 1.32%, to Rs 5,913 per barrel in 1,772 lots.

 

Similarly, oil for delivery in January last year moved down by Rs 76, or 0.78%, to Rs 5,977 per barrel in 78 lots.

 

The trading sentiment turned weak at futures trade after crude oil prices fell sharply in Asian markets following a key deal between world powers and Iran on its controversial nuclear programme, analysts said.

 

Meanwhile, Brent North Sea crude, the European benchmark, for January delivery fell $2.48, or 2.23%, in early Asian trade to $108.57.

 

New York's main contract, West Texas Intermediate (WTI) for January, was down 84 cents, or about one%, at $94 in mid-morning trade.