Crude oil down by 1.3% on weak global cues

Speculators cut down their bets in line with a weak trend in Asian trade

Crude oil futures fell 1.28% to Rs 2,313 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets.

Crude oil for delivery in current month was trading lower by Rs 30, or 1.28%, at Rs 2,313 per barrel, with a business volume of 4,372 lots at Multi Commodity Exchange (MCX).

Also, oil prices for the far-month April delivery was trading down by Rs 24, or 0.97%, at Rs 2,450 per barrel, with a business volume of 124 lots.

Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asia as traders awaited the release of US crude inventory data, which are expected to show a further rise in stockpiles.
 

Meanwhile, West Texas Intermediate for April delivery fell 33 cents to $34.07, while Brent for May was trading 12 cents lower at $36.09 a barrel on the New York Mercantile Exchange.