Crude oil futures fall by Rs 30 per barrel on global cues

Marketmen say decline follows Saudi statement that it has no intention of cutting production despite global supply glut

Crude oil futures declined by Rs 30 to Rs 3,581 per barrel today in line with a weak trend in Asian trade.

In futures trade at the Multi Commodity Exchange (MCX), crude oil for delivery in May contracts shed Rs 30, or 0.83 per cent, to Rs 3,581 per barrel with a business volume of 2,136 lots.

Oil prices for June delivery moved down by Rs 29, or 0.80 per cent to trade at Rs 3,704 per barrel with a business volume of 175 lots.

Marketmen said the fall in crude oil futures was mostly in tandem with a weakening trend in Asian trade after a senior Saudi official signalled that the world's top crude exporter has no intention of cutting production despite a global supply glut.

Meanwhile, West Texas Intermediate crude oil fell by 76 cents to $56.23, while Brent eased 66 cents to $64.17 a barrel in mid-morning trade on the New York Mercantile Exchange (Nymex).