Crude oil futures slip on weak global cues

Crude oil futures on Wednesday fell by Rs 3 to Rs 4,040 per barrel after participants reduced positions, tracking a subdued trend in global markets.

On the Multi Commodity Exchange, crude oil prices for November delivery dropped by Rs 3, or 0.07 per cent, to Rs 4,040 per barrel with a business volume of 30,797 lots.

Similarly, crude oil for December delivery was quoting lower by Rs 4, or 0.07 per cent, at Rs 4,055 per barrel with an open interest of 386 lots.

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

Globally, West Texas Intermediate crude oil was trading 0.45 per cent lower at USD 56.97 per barrel, while international benchmark Brent Crude traded down by 0.51 per cent at USD 62.64 per barrel in New York.