Crude oil futures slip on subdued global cues

Crude oil futures fell by Rs 9 to Rs 3,816 per barrel on Monday after participants reduced positions, tracking a subdued trend in global markets.

On the Multi Commodity Exchange (MCX), crude oil for November delivery dropped by Rs 9, or 0.24 per cent, to Rs 3,816 per barrel with a business volume of 2,524 lots.

Similarly, crude oil for December delivery was quoting lower by Rs 13, or 0.34 per cent, at Rs 3,826 per barrel with an open interest of 14 lots.

The fall in crude oil futures was mostly due to trimming of positions by traders, in line with weak global cues, analysts said.

Trading on the MCX was closed till 1700 hrs on Monday on account of Maharashtra Assembly elections.

Globally, West Texas Intermediate crude oil was trading 0.73 per cent lower at USD 53.39 per barrel, while international benchmark Brent Crude traded down 0.91 per cent at USD 58.88 per barrel in New York.