Crude oil futures down on Asian cues

Fall in line with weak trend in Asian trade following lack of detail on US actions to counter gloomy economic outlook

Crude oil futures prices declined by 0.37% to Rs 4,896 per barrel today in tandem with a weakening trend in Asian trade.

At the Multi Commodity Exchange, the July contract for crude oil fell by 18, or 0.37%, to Rs 4,896 per barrel, with a business volume of 11,588 lots.

The August contract fell by Rs 17, or 0.34%, to Rs 4,936 per barrel, with a turnover of 2,732 lots.

Marketmen said the fall in crude oil futures prices was in line with a weak trend in Asian trade following a lack of detail on US actions to counter a gloomy economic outlook in a Congressional testimony by Federal Reserve chief Ben Bernanke.

Meanwhile, the August contract for crude oil was down 26 cents to $88.96 a barrel on the New York Mercantile Exchange.