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Crude oil futures fall 1.17 pc on weak global cues

Business Finance

Press Trust of India  |  New Delhi 

Crude oil futures fell 1.17 per cent to Rs 4,737 per barrel today in line with a weak trend overseas as speculators cut down their bets.

Crude oil for delivery in May was trading lower by Rs 56 or 1.17 per cent at Rs 4,737 per barrel with a business volume of 1,993 lots at the Multi Commodity Exchange (MCX).

Also, oil prices for June delivery fell Rs 55 or 1.15 per cent to Rs 4,748 per barrel with a business volume of 273 lots.

Analysts said the fall in crude oil futures was mostly in tune with a weak trend in global market where it fell from last week's multi-year highs as a relentless rise in US drilling activity pointed to increased output.

Meanwhile, West Texas Intermediate was down 25 cents, or 0.35 per cent at USD 70.45 while global benchmark Brent fell 39 cents, or 0.51 per cent at USD 76.73 a barrel.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, May 14 2018. 10:35 IST