Crude oil down 0.7% on global cues

Oil prices for May delivery moved down by 0.6%

Crude oil futures declined by 0.72% to Rs 6,041 per barrel today in line with a weak trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in April shed Rs 44, or 0.72%, to Rs 6,041 per barrel, with a business volume of 2,479 lots.

Oil prices for May delivery moved down by Rs 40, or 0.66% to Rs 6,025 per barrel, with a business volume of 112 lots.

Marketmen said the fall in crude oil futures prices was mostly in line with a weakening trend in Asia owing to a stronger dollar after the head of the US Federal Reserve hinted at an interest rates rise early next year, but losses were tempered by lingering concerns about the Crimea crisis.
 

Meanwhile, West Texas Intermediate crude oil for delivery in May was down by 33 cents, to $98.57 a barrel on the New York Mercantile Exchange.