Crude oil down by 0.5% on weak Asian cues

Crude oil futures today fell 0.55% to Rs 3,051 per barrel as speculators cut down exposure amid a weak trend in Asian trade.

At Multi Commodity Exchange, crude oil for delivery in November was trading down by Rs 17, or 0.55%, at Rs 3,051 per barrel in a business turnover of 2,233 lots.

Besides, oil contract for December moved down Rs 17, or 0.54%, to Rs 3,124 per barrel in 83 lots.

The fall in crude prices in futures trade was primarily in line with weak Asian cues on data, showing that the key manufacturing sector in China, the world's top energy consumer, shrank in October for the third straight month, analysts said.

The retreat snapped three days of straight gains last week following a decline in US crude production, which boosted hopes that it could help ease a global oversupply that has depressed oil prices for more than a year.

Meanwhile, West Texas Intermediate crude for December delivery eased 19 cents to $46.40 while Brent crude for December was down three cents to $49.53 a barrel at the New York Mercantile Exchange.