Crude oil futures extend slide, hurt by weak global cues

Crude oil futures fell 1.11 per cent to Rs 3,292 per barrel today, in line with a weak trend in Asian trade, as speculators indulged in trimming positions
Crude oil for delivery in far-month August was trading lower by Rs 37 or 1.11 per cent at Rs 3,292 per barrel with a business volume of 185 lots at Multi Commodity Exchange (MCX).
Also, oil prices for July delivery fell by Rs 36 or 1.10 per cent at Rs 3,230 per barrel with a business volume of 5,780 lots.
Analysts said fall in crude oil futures is mostly in tune with a weak trend in Asian trade where prices suffered fresh losses today as the fallout from last week's decision by Britain to leave the European Union batters confidence and ushers in a period of uncertainty.

Global markets took a beating Friday, with some USD 2.1 trillion wiped off valuations and the British pound plunging to 31-year lows against the dollar, while oil prices slumped more than five percent.
Meanwhile, West Texas Intermediate was down 26 cents or 0.55 per cent to trade at USD 47.38 while global benchmark Brent was down 15 cents or 0.15 per cent to USD 48.26.
Both contracts have tumbled almost 10 percent from their 2016 highs touched earlier this month.