Crude oil futures slide over 1% on global cues

Speculators trim their positions amid weak trend overseas

Crude oil futures prices declined by 1% to Rs 4,705 per barrel today as speculators trimmed their positions amid a weak trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in July fell by Rs 48, or 1.01%, to Rs 4,705 per barrel, with a business volume of 16,794 lots.

Similarly, the oil for August delivery moved down by Rs 46, or 0.96%, to Rs 4,791 per barrel, with a turnover of 1,668 lots.

Marketmen said the fall in crude oil futures prices was mostly in tandem with a weakening trend in global markets after Norway acted to end an oil workers' strike.

Besides, sentiment was also hit by news of weak Chinese crude imports, they said.

Meanwhile, crude oil for delivery in August fell by $2.08 to $83.91 a barrel on the New York Mercantile Exchange in yesterday's trade.