Crude oil down on weak Asian cues
Speculators alsoreduced positions on global cues
Crude oil price fell marginally by 0.24% to Rs 4,628 per barrel in futures trade today as speculators engaged in reducing their positions amid a weak trend in the Asian trade ahead of an OPEC ministerial meeting.
At the MCX, crude oil for delivery in June shed Rs 10, or 0.24%, to Rs 4,628 per barrel, with a turnover of 15,880 lots.
The July contract moved down by Rs 9, or 0.23%, to Rs 4,672 per barrel, in a business volume of 1,644 lots.
Marketmen said the fall in crude oil futures prices was mostly due to a weakening Asia trend, ahead of an OPEC ministerial meeting in Vienna to discuss production quotas and growing worries over the economic crisis in Europe.
Meanwhile, crude oil for delivery in July was down 68 cents to $82.64 per barrel on the New York Mercantile Exchange.