Crude oil futures fall 1.54% on weak global cues

Crude oil futures slipped 1.54 per cent to Rs 4,025 per barrel today, in line with a weak trend in Asian trade, as traders cut exposure at existing levels.
Crude oil for delivery in January was trading lower by Rs 63, or 1.54 per cent, at Rs 4,025 per barrel, with a business volume of 4,637 lots at the Multi Commodity Exchange (MCX).
Also, oil prices for delivery in February fell Rs 62, or 1.52 per cent, to trade at Rs 4,029 per barrel, with a business volume of 1,976 lots.
Analysts said the lower global oil prices were prompted by a recovery in US oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere, weighed on crude futures here.

The US benchmark West Texas Intermediate fell 1.5 per cent to USD 63.02, while Brent for was down 1.2 per cent at USD 68.46 a barrel.