 "Crude oil falls by 1.1% on weak Asian cues")
Crude oil futures fell 1.11% to Rs 4,528 per barrel today as speculators reduced their positions amid a weakening trend in Asian trade ahead of key OPEC meeting.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 51, or 1.11%, to Rs 4,528 per barrel in 2,740 lots.
The oil for delivery in January next year contracts also fell by a similar margin to trade at Rs 4,563 per barrel in 200 lots.
Meanwhile, West Texas Intermediate (WTI) crude for January delivery was down 55 cents to $73.14 while Brent crude for January declined 47 cents to $77.28 a barrel at the New York Mercantile Exchange in mid-morning trade today.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 51, or 1.11%, to Rs 4,528 per barrel in 2,740 lots.
The oil for delivery in January next year contracts also fell by a similar margin to trade at Rs 4,563 per barrel in 200 lots.
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The trading sentiment dampened at futures trade after crude oil prices retreated further in Asian trade on expectations the OPEC cartel will keep production at present levels despite pressure over falling prices at a key meeting later in the day, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for January delivery was down 55 cents to $73.14 while Brent crude for January declined 47 cents to $77.28 a barrel at the New York Mercantile Exchange in mid-morning trade today.
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