Crude oil falls by 0.1% on weak Asian cues
Speculators trimmed positions amidst a weak trend in Asian markets
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Crude oil futures fell by 0.11% to Rs 4,751 per barrel today as speculators trimmed positions amidst a weak trend in Asian markets.
The trading sentiment turned weak in futures trade on a stronger US dollar and expectations that the OPEC cartel is unlikely to cut production levels to counter a global supply glut, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in current month shed Rs 5, or 0.11%, to Rs 4,751 per barrel in 1,192 lots.
The oil for December delivery moved down by a similar margin to trade at Rs 4,776 per barrel in a volume of 200 lots.
Meanwhile, West Texas Intermediate (WTI) crude oil for December delivery was down by 15 cents to $77.03 a barrel, while Brent crude shed 37 cents to $80.01 per barrel in late-morning trade on the New York Mercantile Exchange.
The trading sentiment turned weak in futures trade on a stronger US dollar and expectations that the OPEC cartel is unlikely to cut production levels to counter a global supply glut, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in current month shed Rs 5, or 0.11%, to Rs 4,751 per barrel in 1,192 lots.
The oil for December delivery moved down by a similar margin to trade at Rs 4,776 per barrel in a volume of 200 lots.
Meanwhile, West Texas Intermediate (WTI) crude oil for December delivery was down by 15 cents to $77.03 a barrel, while Brent crude shed 37 cents to $80.01 per barrel in late-morning trade on the New York Mercantile Exchange.
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First Published: Nov 13 2014 | 11:56 AM IST