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Crude oil declines 0.58% on subdued global cues

Press Trust of India  |  New Delhi 

Crude oil prices Wednesday fell by another 0.58 per cent to Rs 3,798 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas.

In futures trading at the Multi Commodity Exchange, crude for delivery in February fell by Rs 22, or 1.20 per cent, to Rs 4,040 per barrel in a business volume of 14,758 lots.

Analysts said continuous offloading of holdings by participants in line with a weakening trend in global crude, mainly weighed on crude prices at futures trade here.

The oil for delivery in March, too, lost Rs 23, or 0.6 per cent, to Rs 3,834 per barrel in 568 lots.

The West Texas Intermediate (WTI) crude fell 0.26 per cent to USD 53.17, while Brent crude, the international benchmark, shed 0.23 per cent to USD 61.18 a barrel at the New York Mercantile Exchange.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 30 2019. 14:06 IST