Crude oil prices shed Rs 29 per barrel on global cues

Prices declined in line with a weak trend in Asian trade

Crude oil futures declined by Rs 29 to Rs 2,485 per barrel today in line with a weak trend in Asian trade.

In futures trade at the Multi Commodity Exchange, crude oil for delivery in January 2016 shed Rs 29, or 1.15%, to Rs 2,485 per barrel, with a business volume of 2,048 lots.

Oil prices for far-month February delivery moved down by Rs 23, or 0.89%, to trade at Rs 2,574 per barrel with a business volume of 51 lots.

Marketmen said the fall in crude oil futures was mostly in tandem with a weakening trend in Asian trade ahead of the release of data on US crude stockpiles and production.
 
Prices had been volatile during the holiday-shortened final week of 2015 but remained near multi-year lows in the face of indications a global crude supply glut will continue into next year.

Meanwhile, West Texas Intermediate crude oil for delivery in February fell by 67 cents to $37.20, while Brent for the same month was trading 46 cents lower at $37.33 a barrel on the New York Mercantile Exchange.