Crude oil falls by 0.5%, hurt by weak global cues

Crude oil futures fell 0.51% to Rs 2,757 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets.

Crude oil for delivery in November was trading lower by Rs 14, or 0.51%, at Rs 2,757 per barrel, with a business volume of 3,818 lots at Multi Commodity Exchange (MCX).

Also, oil prices for December delivery was trading Rs 10, or 0.35% down at Rs 2,866 per barrel, with a business volume of 461 lots.

Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asian trade where it remained under pressure today after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.
 
Meanwhile, West Texas Intermediate for December delivery fell 24 cents to $41.51 while Brent for December was trading four cents higher at $44.10 a barrel in Asian trade on the New York Mercantile Exchange.