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Crude oil futures fall 1.03% on weak global cues

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Press Trust of India New Delhi
Crude oil futures fell Rs 43 to Rs 4,135 per barrel today as speculators cut positions amid a weakening trend overseas.

Profit-booking at existing levels too weighed on prices.

At the Multi Commodity Exchange, the oil for delivery in February was trading sharply lower by Rs 43, or 1.03 per cent, at Rs 4,135 per barrel in 6,090 lots.

The oil for delivery in March also fell Rs 40, or 0.96 per cent, to Rs 4,135 per barrel in 252 lots.

Analysts said the fall in crude prices in futures trade was mostly due to profit-booking by speculators and a weak trend in global markets, where it extended losses for a second session, as a strengthening dollar sapped demand for crude, while rising US output helped dampen prices.

U.S. West Texas Intermediate crude futures (CLc1) were 13 cents, or 0.2 per cent, lower at $65.43 at 0027 GMT on forecasts of another expansion in US crude stockpiles while attention shifted to whether OPEC will extend production cuts, led to fall in crude prices in futures trade here.

Meanwhile, West Texas Intermediate (WTI) crude lost 27 cents to USD 65.29, while Brent crude, the European benchmark, fell 19 cents to USD 69.27 a barrel at the New York Mercantile Exchange.

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First Published: Jan 30 2018 | 11:35 AM IST

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