Crude oil down by 0.83% on weak Asian cues

Crude oil prices fell as speculators trimmed positions amid a weakening trend in the Asian trade on profit bookings

Crude oil futures prices today fell by 0.83% to Rs 6,338 per barrel, as speculators trimmed positions amid a weakening trend in the Asian trade on profit bookings.

 

At the Multi Commodity Exchange, crude oil for delivery in July shed Rs 53 or 0.83%, to Rs 6,338 per barrel in 4,191 lots.

 

In a likewise manner, oil for the month of August moved down by Rs 57, or 0.90%, to Rs 6,305 per barrel in 657 lots.

 

The trading sentiment eased at futures trade as crude oil prices slipped in Asian trade booked profits after recent gains, fuelled by a bigger-than-expected drop in US crude inventories, analysts said.

 

Meanwhile, West Texas Intermediate (WTI) crude for April dropped 25 cents to $106.27 a barrel on the New York Mercantile Exchange in the morning trade today.