Crude oil falls by 1.4%, strained by weak global cues

Crude oil futures slipped Rs 52 to Rs 3,763 per barrel today, in line with a weak trend in Asian trade, as traders cut down their exposure.

Crude oil for delivery in July was trading lower by Rs 52, or 1.36%, at Rs 3,763 per barrel, with a business volume of 2,652 lots at Multi Commodity Exchange (MCX).

Also, oil prices for August delivery moved down Rs 47, or 1.22%, to trade at Rs 3,811 per barrel, with a business volume of 94 lots.

Analysts said the fall in crude oil futures is mostly in step with a sluggish trend in Asian trade, tracking the sell-off in global equity markets on fears of a Greek debt default.
 
US benchmark West Texas Intermediate for August delivery fell 82 cents to $58.81 while Brent for August eased 70 cents to $62.56 in late-morning trade as dealers turned jittery over a collapse in Greece's debt talks and a possible return of Iranian supplies disrupted by global sanctions.