Crude oil futures soften on weak global cues

Crude oil futures declined sharply by 0.61 per cent to Rs 4,089 per barrel on Friday as speculators cut bets to take profits off the table amid weak global cues.

On the Multi Commodity Exchange, crude oil for delivery in July contracts fell by Rs 25, or 0.61 per cent, to Rs 4,089 per barrel with a business turnover of 21,870 lots.

Analysts said trading sentiments turned weak after oil prices eased in global markets and profit-booking by speculators led to a further fall in prices.

Globally, West Texas Intermediate crude oil was down 0.42 per cent to USD 59.18 a barrel, while brent, the international benchmark also shed 0.38 per cent to USD 66.30 a barrel.