Crude oil futures fall 0.22% on weak global cues

Crude oil futures fell 0.22 per cent to Rs 4,520 per barrel today, in line with a weak trend overseas where it fell back from over three-year highs as speculators cut down their bets.

Crude oil for delivery in May was trading lower by Rs 10, or 0.22 per cent, at Rs 4,520 per barrel with a business volume of 3,709 lots at the Multi Commodity Exchange (MCX).

Also, oil prices for June delivery was trading lower by Rs 8, or 0.18 per cent, at Rs 4,526 per barrel with a business volume of 126 lots.

Analysts said fall in crude oil futures is mostly in tune with a weak trend in global market where it fell back from more than three-year highs reached in the previous session as rising US fuel inventories and production weighed on an otherwise bullish market and profit-booking by speculators.

Meanwhile, West Texas Intermediate was down 7 cents at USD 67.63 while global benchmark Brent was down 12 cents at USD 73.74 a barrel.