Crude oil futures down on weak Asian cues

June and July contracts down 0.02% and and 0.04% as speculators cut positions

Continuing its slide, crude oil futures price today fell marginally by 0.04% to Rs 4,960 per barrel as speculators engaged in reducing their positions amid a weak trend in the Asian trade on continued euro-zone worries.

At the Multi Commodity Exchange, crude oil for delivery in June shed Rs 2, or 0.04%, to Rs 4,960 per barrel, with an open interest of 2,158 lots.

July crude lost one rupee, or 0.02%, to Rs 5,003 per barrel, with an open interest of 185 lots.

Marketmen said the fall in crude oil futures prices was mostly attributed to a weakening trend in Asian trade with prices hitting multi-month lows as Spain's banking woes intensified worries about the euro zone.

Meanwhile, crude oil for delivery in July was down 24 cents to $87.58 per barrel, lowest level since October on the New York Mercantile Exchange.