Crude oil futures down 0.6%

Recovery in the rupee's value affected prices

Crude oil futures prices today moved further down by 0.59% to Rs 7,085 per barrel after speculators reduced positions amid further recovery in the rupee's value.

 

However, a firming trend in the Asian region as US President Barack Obama cleared the first legislative hurdle in his race to win congressional backing for military strikes on Syria, capped the losses.

 

At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 42, or 0.59%, to Rs 7,085 per barrel in 2,063 lots.

 

Oil for October delivery shed Rs 41, or 0.57% to Rs 7,108 per barrel in a turnover of 289 lots.

 

Analysts said the fall in crude oil at futures trade was mostly attributed to recovery in the rupee's value, making dollar-quoted crude cheaper but a firming trend in the Asian region, limited the losses.

 

Meanwhile, West Texas Intermediate (WTI) crude for October delivery gained 30 cents to $107.53 per barrel on the New York Mercantile Exchange in mid-morning trade today.