Crude oil falls by 0.7%, tracking weak Asian cues
Analysts said that the fall is mostly in line with a weak trend in Asian trade following a US report showing stockpiles surged last week
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Crude oil futures traded down by Rs 24 at Rs 3,211 per barrel today on speculative selling in line with a weak trend in Asian trade.
At Multi Commodity Exchange (MCX), the July contract of crude oil was trading lower by Rs 24, or 0.74%, at Rs 3,211 per barrel, with a business turnover of 1,774 lots.
Oil for far-month September delivery shed Rs 22, or 0.67%, to trade at Rs 3,260 per barrel, having business volume of 47 lots.
Analysts said that the fall is mostly in line with a weak trend in Asian trade following a US report showing stockpiles surged last week.
Ahead of an official report, the industry-funded American Petroleum Institute (API) said stockpiles had increased by 2.3 million barrels last week.
Meanwhile, West Texas Intermediate for September delivery fell 70 cents at $50.16 while Brent crude for September tumbled 53 cents to $56.51 on the New York Mercantile Exchange. Both contracts had posted gains yesterday.
At Multi Commodity Exchange (MCX), the July contract of crude oil was trading lower by Rs 24, or 0.74%, at Rs 3,211 per barrel, with a business turnover of 1,774 lots.
Oil for far-month September delivery shed Rs 22, or 0.67%, to trade at Rs 3,260 per barrel, having business volume of 47 lots.
Analysts said that the fall is mostly in line with a weak trend in Asian trade following a US report showing stockpiles surged last week.
Ahead of an official report, the industry-funded American Petroleum Institute (API) said stockpiles had increased by 2.3 million barrels last week.
Meanwhile, West Texas Intermediate for September delivery fell 70 cents at $50.16 while Brent crude for September tumbled 53 cents to $56.51 on the New York Mercantile Exchange. Both contracts had posted gains yesterday.
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First Published: Jul 22 2015 | 11:42 AM IST