Crude oil down 0.62% on Asian cues

Spain worries and a slowing Chinese economy behind weak trend

Crude oil futures prices declined by 0.62% to Rs 4,616 per barrel today in tandem with a weak trend in Asian trade on a weak global economic outlook.

At the Multi Commodity Exchange, crude oil for delivery in October shed Rs 29, or 0.62%, to Rs 4,616 per barrel, with a business volume of 7,857 lots.

The November contract moved down by Rs 28, or 0.60%, to Rs 4,649 per barrel, with a turnover of 1,013 lots.

Marketmen said the fall in crude oil futures prices was in line with a weakening trend in Asia as worries over Spain and a slowing Chinese economy highlighted a weak global economic outlook.

 

Meanwhile, crude oil for delivery in November was down 20 cents to $87.94 a barrel on the New York Mercantile Exchange.