Crude oil futures down on Asian cues

Prices fall argely in tandem with a weakening trend in Asian trade on worsening European debt crisis

Crude oil futures prices declined by 0.84% to Rs 5,050 per barrel today largely in tandem with a weakening trend in Asian trade on worsening European debt crisis.

At the Multi Commodity Exchange, the August contract for crude oil shed Rs 43, or 0.84%, to Rs 5,050 per barrel, with a business volume of 5,129 lots.

The September contract moved down by Rs 41, or 0.80%, to Rs 5,092 per barrel, with a turnover of 326 lots.

Marketmen said the fall in crude oil futures prices was mostly in line with a weakening trend in Asian trade on concerns over Spain's borrowing costs and the fate of the euro zone.

Meanwhile, The September contract in the US sank $1.13 to $90.70 a barrel on the New York Mercantile Exchange.