Crude oil futures eases on weak global cues
Crude oil futures traded 1.23% down on the Multi Commodity Exchange today as speculators were seen reducing their positions, triggered by sluggish demand in the recession-hit United States.
The oil for far-month July contract fell by 1.23% at Rs 2,800 per barrel on the MCX counter with a trading volume of one lot, while the delivery in May month contract lost 0.92% at Rs 2,622 per barrel, clocking a business turnover of 2,152 lots.
June contact also remained in negative zone and shed 0.84% at Rs 2,735 per quintal in a turnover of 155 lots.
Meanwhile, New York's main futures contract, light sweet crude for April delivery, fell 82 cents to $49.51 a barrel, while Brent North Sea crude for May delivery tumbled 80 cents to $52.55 a barrel.