Crude oil down on weak Asian cues
Speculators trimmed positions in tandem with a weak trend in Asian trade
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Crude oil futures eased by 0.09% to Rs 4,684 per barrel today after speculators trimmed positions in tandem with a weak trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 4, or 0.09%, to Rs 4,684 per barrel, with a business volume of 736 lots.
Oil prices for November delivery also moved down by Rs 2, or 0.04%, to Rs 4,654 per barrel, with a business volume of 2,622 lots.
Marketmen said the fall in crude oil futures prices was mostly in line with a weakening trend in Asia after Japan's economy slumped to recession, while prospects for an OPEC output cut dimmed.
Meanwhile, West Texas Intermediate crude oil for delivery in December was down 32 cents, to $75.32, while Brent crude for January next was down 43 cents to $78.88 a barrel in late-morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 4, or 0.09%, to Rs 4,684 per barrel, with a business volume of 736 lots.
Oil prices for November delivery also moved down by Rs 2, or 0.04%, to Rs 4,654 per barrel, with a business volume of 2,622 lots.
Marketmen said the fall in crude oil futures prices was mostly in line with a weakening trend in Asia after Japan's economy slumped to recession, while prospects for an OPEC output cut dimmed.
Meanwhile, West Texas Intermediate crude oil for delivery in December was down 32 cents, to $75.32, while Brent crude for January next was down 43 cents to $78.88 a barrel in late-morning trade on the New York Mercantile Exchange.
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First Published: Nov 18 2014 | 11:20 AM IST