Crude oil down 0.5% on Asian cues

Weaker-than-expected manufacturing data from China behind weak trend

Crude oil futures prices declined by 0.50% to Rs 5,352 per barrel today as speculators reduced positions amid a weak trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in September shed Rs 27, or 0.50%, to Rs 5,352 per barrel, with a business volume of 6,247 lots.

The October contract moved down by a similar margin to Rs 5,384 per barrel, with a turnover of 500 lots.

Marketmen said the fall in crude oil futures prices was in line with a weak trend in Asia after weaker-than-expected manufacturing data from China intensified concerns about the global economy.

 

Meanwhile, crude oil for delivery in October was down 16 cents to $96.31 a barrel on the New York Mercantile Exchange.