Crude oil marginally weaker on global cues

 

Crude oil moved down marginally, by 0.81%, in futures trading today on reduced offtake by traders in line with a weakening trend globally.

Crude for the most active month of January, fell by 0.81% at Rs 2,083 a barrel on the Multi-Commodity Exchange. The contract recorded a business turnover of 10,398 lots.

The far-month March contract fell 0.70% at Rs 2,398 a barrel in a trading of 24 lots, while the February contract fell 0.57% at Rs 2,271 in a trading volume of 1,374 lots.

The fall was mostly due to the decline at the New York Mercentile Exchange, extending its worst yearly drop, on concerns that a global economic contraction will limit fuel demand.

 

February crude dropped $2.32 to 42.28 a barrel on Nymex.