Crude oil futures drop by 2.84% on overseas cues
Crude oil prices fell by 2.84 per cent to Rs 3,529 per barrel in futures trading Thursday as speculators cut bets, driven by a weak trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in December declined by Rs 103, or 2.84 per cent to Rs 3,529 per barrel in business turnover of 19,097 lots.
Similarly, the oil for delivery in January 2019 was trading lower by Rs 98, or 2.68 per cent to Rs 3,561 per barrel in 626 lots.
Analysts said cutting down of positions by participants in line with a weak trend overseas, mainly pulled down crude oil prices at futures trade.
Globally, Brent fell 0.42 per cent, to USD 58.84 a barrel, on the New York Mercantile Exchange.
Disclaimer: No Business Standard Journalist was involved in creation of this content