Crude oil down 0.44% on Asian cues

Profit-booking behind fall in prices

Crude oil futures prices declined by 0.37% to Rs 5,130 per barrel today largely in tandem with a weak trend in Asian trade on profit-booking.

At the Multi Commodity Exchange, crude oil for delivery in August shed Rs 23, or 0.44%, to Rs 5,150 per barrel, with a business volume of 22,764 lots.

The November contract moved down by Rs 22, or 0.42%, to Rs 5,187 per barrel, with a turnover of 2,887 lots.

Marketmen said the fall in crude oil futures was in line with a weakening trend in Asian trade on profit-booking by participants.

Participants offloaded on speculation that recent gains were excessive amid signs of a weakening demand in the US, the world's biggest consumer of crude.

 

Meanwhile, crude oil for delivery in September fell 33 cents to $93.34 a barrel on the New York Mercantile Exchange.