Crude oil futures remain weak on global cues

Crude oil prices fell further by 0.60 per cent to Rs 4,830 per barrel in futures trade today as speculators reduced their positions, tracking a weakening trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in June fell by Rs 29, or 0.60 per cent to Rs 4,830 per barrel in business turnover of 4,299 lots.

Similarly, the oil for delivery in July contracts declined by Rs 25, or 0.51 per cent to Rs 4,841 per barrel in 135 lots.

Analysts said participants pared their bets in tandem with a weak trend overseas where oil prices eased as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017.

Meanwhile, West Texas Intermediate shed 7 cents, or 0.10 per cent at USD 70.64 a barrel, while global benchmark Brent was down 13 cents, or 0.16 per cent at USD 78.66 a barrel.