Crude oil down on weak Asian cues
US FEd Chaiman temers with hopes of more stimulus for US economy, sending commodities lower
Crude oil futures prices today fell by 1.60% to Rs 4,619 per barrel as speculators trimmed positions amid a weak trend in the Asian trade.
At the MCx, crude oil for delivery in June shed Rs 75, or 1.60%, to Rs 4,619 per barrel, having a business volume of 8,465 lots.
The July contract moved down by Rs 65, or 1.58%, to Rs 4,661 per barrel, in a turnover of 831 lots.
Marketmen said the fall in crude oil futures prices was mostly attributed to a weakening trend in Asian trade after US Federal Reserve chairman tempered hopes that there would be more stimulus for the US economy.
Meanwhile, crude oil for delivery in July down $2.04 to $82.78 a barrel on the New York Mercantile Exchange.