Crude oil futures down on global cues
The January delivery moved down by Rs 27, or 0.56%, to Rs 4,761 per barrel
Amid a weak trend overseas, crude oil futures declined by 0.61% to Rs 4,700 per barrel today as participants reduced their positions.
At the Multi Commodity Exchange, December crude oil shed Rs 29, or 0.61%, to Rs 4,700 per barrel, with a business volume of 12,361 lots.
The January delivery moved down by Rs 27, or 0.56%, to Rs 4,761 per barrel, with a turnover of 2,507 lots.
Marketmen said the fall in crude oil futures prices was in line with a weakening trend in Asia after the Organisation of Petroleum Exporting Countries (OPEC) warned of an oversupply as uncertainty surrounds the outlook for the global economy, analysts said.
Meanwhile, crude oil for delivery in January was down 19 cents to $86.58 a barrel on the New York Mercantile Exchange.