Crude oil futures down Rs 54 a barrel on weak Asian trend

Crude oil futures fell by Rs 54 to Rs 2,275 per barrel today as speculators cut down their bets positions amid a weakening trend in Asian markets.

In futures trading at Multi Commodity Exchange, crude oil for delivery in March was trading Rs 54, or 2.32 per cent lower, at Rs 2,275 per barrel in 10,934 lots.

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Oil for far-month April delivery also moved down by Rs 38, or 1.55 per cent, to Rs 2,411 per barrel in business volume of 518 lots.

The trading sentiments dampened in futures trade as oil prices dipped in Asia today after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to an agreement, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for April delivery, a new contract, was down 41 cents, or 1.23 per cent to USD 32.98, while Brent crude for April eased 43 cents, or 1.24 per cent, to $34.26 a barrel on the New York Mercantile Exchange.

US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 yesterday on hopes that the discussions would lead to concrete action to stabilise the battered market.