Crude oil down by 0.3% on weak Asian cues

Crude oil futures today fell 0.31% to Rs 3,222 per barrel as speculators cut down exposures amid a weak trend in Asian trade.

At Multi Commodity Exchange, crude oil for delivery in August was trading down by Rs 10, or 0.31%, at Rs 3,222 per barrel in a business turnover of 2,475 lots.

Besides, oil contract for September moved down Rs 9, or 0.27%, to Rs 3,270 per barrel in 145 lots.

The continuous fall in crude prices in futures trade was primarily in line with weak Asian cues as demand for the dollar-priced commodity takes a hit from a strong US currency, analysts said.
 
Expectations of more Iranian crude flooding the oversupplied global market within months following a deal on the country's nuclear ambitions continue to drag prices lower, they said.

Meanwhile, West Texas Intermediate crude for August delivery eased 16 cents to $49.99 while Brent crude for September was down 11 cents to $56.54 a barrel in late-morning trade at the New York Mercantile Exchange.