Crude oil futures fall 0.31% on weak global cues

Crude oil drifted lower by 0.31 per cent to Rs 4,898 per barrel in futures trade today in tandem with a weak trend overseas as speculators trimmed positions.

At the Multi Commodity Exchange, crude oil for delivery in June fell by Rs 15, or 0.31 per cent, to Rs 4,898 per barrel in a business turnover of 3,452 lots.

Similarly, the oil for delivery in July contracts shed Rs 13, or 0.26 per cent, to Rs 4,906 per barrel in 87 lots.

Analysts said offloading of positions by participants due to a weak trend overseas where oil prices fell on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran, led to decline in crude oil prices at futures trade.

Meanwhile, West Texas Intermediate was down 25 cents, or 0.35 per cent at USD 71.59 a barrel, while global benchmark Brent shed 37 cents, or 0.46 per cent at USD 79.43 a barrel.