Crude oil futures decline on global cues

Crude oil prices declined by Rs 24 to Rs 5,031 per barrel in futures trade today as speculators reduced their positions, tracking a weakening global trend.

At the Multi Commodity Exchange, crude oil for delivery in May declined by Rs 24, or 0.47% to Rs 5,031 per barrel, with a business volume of 20 lots.

Similarly, the oil for delivery in June traded lower by the same margin to Rs 5,083 per barrel, with a business turnover of seven lots.

Market analysts attributed the fall in crude oil futures prices to a weakening global trend. Meanwhile, crude oil in New York fell by 59 cents to $112.93.