Crude oil futures fall 1.55%, hurt by weak global cues

Crude oil futures fell 1.55% to Rs 3,247 per barrel on Monday, in line with a weak trend in Asian trade, as speculators cut down their bets.

Crude oil for delivery in June was trading lower by Rs 51 or 1.55% at Rs 3,247 per barrel with a business volume of 4,696 lots at Multi Commodity Exchange (MCX).

Also, oil prices for July delivery was trading lower by Rs 49 or 1.46% at Rs 3,307 per barrel with a business volume of 354 lots.

Analysts said fall in crude oil futures is mostly in tune with a weak trend in Asian trade where prices slipped again on Monday, extending last week's losses, fuelled by worries about the global economy, Britain's future in the EU and producers bringing more rigs back online.

The retreat comes after the US benchmark West Texas Intermediate last week hit an 11-month high, thanks to a weaker dollar, which makes the commodity cheaper for anyone using other currencies.

Dealers are cautiously awaiting meetings of the US Federal Reserve and Bank of Japan this week, hoping they will at least provide some guidance on monetary policy.

Meanwhile, West Texas Intermediate was down 60 cents or 1.22% to trade at $48.47 while global benchmark Brent was down 47 cents or 0.93% to $50.07.