Crude oil futures down 0.44 pc, hurt by weak global cues

Crude oil futures fell 0.44 per cent to Rs 2,517 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets.
Crude oil for delivery in January next year was trading lower by Rs 11, or 0.44 per cent, at Rs 2,517 per barrel, with a business volume of 1,797 lots at Multi Commodity Exchange (MCX).
Also, oil prices for the far-month February delivery contract was trading down by Rs 11, or 0.42 per cent, at Rs 2,601 per barrel, with a business volume of 89 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asia where it slipped, giving up some of last week's sharp gains as concerns of a global supply glut weighed on prices ahead of fresh US stocks data.

Prices jumped last week after data showed an unexpected fall in US commercial crude stock, with WTI adding almost 10 per cent.
Meanwhile, West Texas Intermediate for February delivery fell 27 cents to USD 37.83 while Brent for February was trading 17 cents lower at USD 37.72 a barrel on the New York Mercantile Exchange.