Crude oil futures fall 0.26% on weak global cues

Crude oil futures fell 0.26 per cent to Rs 3,072 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets.
Crude oil for delivery in current month was trading lower by Rs 8, or 0.26 per cent, at Rs 3,072 per barrel, with a business volume of 1,832 lots at Multi Commodity Exchange (MCX).
Also, oil prices for June delivery shed Rs 5, or 0.16 per cent down at Rs 3,137 per barrel, with a business volume of 122 lots.
Traders said the fall in crude oil futures is mostly in tandem with a weak trend in Asian trade today as investors locked in profits after the previous day's surge to six-month highs that was fuelled by a surprise decline in US stockpiles.

The Department of Energy said yesterday that inventories slid 3.4 million barrels last week, confounding analysts' expectations for a rise and signalling strong demand in the world's top oil-consuming nation.
The report also said US oil production fell, providing hope to a market burdened by a stubborn global supply glut.
Meanwhile, West Texas Intermediate for June delivery fell 13 cents, or 0.28 per cent, to USD 46.10 and Brent was trading 16 cents, or 0.34 pcent down at USD 47.44 a barrel on the New York Mercantile Exchange.