Crude oil futures fall 0.98% on weak global cues

Crude oil futures fell 0.98 per cent to Rs 3,553 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 35, or 0.98 per cent, at Rs 3,553 per barrel, with a business volume of 2,704 lots at Multi Commodity Exchange (MCX).

Also, oil prices for January shed Rs 31, or 0.85 per cent, at Rs 3,627 per barrel, with a business volume of 166 lots.

Traders said the fall in crude oil futures is mostly in tandem with a weak trend in Asian trade today as investors locked in profits after two days of strong gains following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output.
 

Meanwhile, West Texas Intermediate fell 0.23 per cent, to USD 52.71 and Brent was trading 0.05 per cent down at USD 55.66 a barrel.