Crude oil futures fall 0.77% on global cues
Tracking a weak global trend, crude oil prices declined by 0.77% in futures trading today as speculators reduced their positions.
At the Multi Commodity Exchange, crude oil for delivery in July declined by Rs 33, or 0.77%, to Rs 4,250 per barrel, with a business turnover of 5,932 lots.
Similarly, the oil for delivery in August fell by Rs 32, or 0.74%, to Rs 4,301 per barrel, with an open interest of 519 lots.
Analysts said the fall in crude oil prices at futures trade was due to a weak trend overseas on speculation that US fuel demand may weaken after the Federal Reserve lowered its economic growth outlook for world's biggest crude-consuming nation.
Meanwhile, crude oil declined by $1.41 to $94 per barrel on the New York Mercantile Exchange.