Crude oil futures fall 0.30% on global cues

Crude oil futures slipped 0.30 per cent to Rs 2,000 per barrel today, in line with a weak trend in Asian trade, as traders cut down their exposure.
Crude oil for delivery this month was trading lower by Rs 6, or 0.30 per cent, at Rs 2,000 per barrel, with a business volume of 8,086 lots at the Multi Commodity Exchange (MCX).
Also, oil prices for delivery in March moved down Rs 4, or 0.18 per cent, to trade at Rs 2,176 per barrel, with a business volume of 1,445 lots.
Analysts said the fall in crude oil futures is mostly in step with a weak trend in Asian trade after soaring at the end of last week as Iran prepared to ship its first consignment of the commodity since sanctions were lifted, reigniting worries over a global supply glut.

The US benchmark West Texas Intermediate for March delivery fell 20 cents, or 0.68 per cent to USD 29.24, while Brent for was down 17 cents, or 0.51 per cent at USD 33.19.
Both main contracts soared more than 10 per cent on Friday on a report that the OPEC producers' club was open to output cuts that could ease the global oversupply and drag prices up from more than 12-year lows.