Crude oil sheds 0.67% on weak Asian cues

Speculation that OPEC will maintain output at this week's meeting despite a global supply glut drives prices down

Crude oil futures fell 0.67 per cent to Rs 4,610 per barrel today as speculators trimmed positions amid a weak trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 31, or 0.67 per cent, to Rs 4,610 per barrel in 2,419 lots.

Besides, oil for delivery in January next year moved down by Rs 30, or 0.64 per cent, to Rs 4,645 per barrel in 143 lots.

Analysts said the fall in crude prices at futures trade was primarily after it extended losses in Asian trade amid speculation that the OPEC oil cartel will maintain output at this week's closely watched meeting despite a global supply glut.

Meanwhile, West Texas Intermediate crude for January delivery shed 24 cents to $73.85 while Brent crude for January eased 17 cents to $78.16 per barrel in mid-morning trade on the New York Mercantile Exchange.