Crude oil down on weak global cues

Crude oil prices were down today 0.36% to Rs 5,172 per barrel in futures trade as speculators engaged in trimming their positions, taking weak cues from overseas markets.

At the Multi Commodity Exchange, the May contract eased by Rs 18, or 0.36%, to Rs 5,172 per barrel in a turnover of 9,857 lots.

The June delivery moved down by Rs 17, or 0.32%, to Rs 5,219 per barrel in 589 lots.

Analysts said trading sentiment remained weak at futures trade on fresh worries about the euro zone debt crisis after leadership changes in France and Greece and expectations of an increase in US crude stockpiles.

 

Meanwhile, crude oil for delivery in June fell 13 cents at $97.81 a barrel in morning trade today on the New York Mercantile Exchange.