Crude oil down 0.7% on weak Asian cues

The December delivery moved down by 0.69%

Crude oil futures fell 0.76% to Rs 4,979 per barrel today as speculators trimmed positions amid a weakening trend in Asian trade and a stronger dollar.

At the Multi Commodity Exchange, crude oil for delivery in November fell by Rs 38, or 0.76%, to Rs 4,979 per barrel in 2,251 lots.

In a likewise manner, oil for December delivery moved down by Rs 35, or 0.69%, to Rs 5,003 per barrel in 87 lots.

Analysts said sentiments eased at futures trade after crude oil prices fell in Asian market today on a stronger dollar as dealers speculated whether the Federal Reserve will lift interest rates sooner-than-later, analysts said.
 
Meanwhile, West Texas Intermediate (WTI) crude for December delivery eased 16 cents to USD 80.96, while Brent crude for December fell 31 cents to $85.93 a barrel in mid-morning trade on the New York Mercantile Exchange.