Crude oil futures fall on global cues

Crude oil prices fell by 0.26% in futures trade today as traders indulged in reducing their positions, tracking a weak Asian trend on concerns over Europe's sovereign debt woes.

At the Multi Commodity Exchange, crude oil for delivery in July lost Rs 12, or 0.26% to Rs 4,594 per barrel, with a business turnover of eight lots.

Similarly, the crude oil for delivery in June declined by Rs 10, or 0.22% to Rs 4,544 per barrel, with a business turnover of 28 lots. 

Analysts said a weak trend in Asian trading amid fresh concerns over Europe's sovereign debt crisis, which could affect crude demand, mainly kept pressure on the crude prices at futures trade here.

 

Meanwhile, crude for delivery in July moved down by eight cents to $100.51 per barrel on the New York Mercantile Exchange.