Crude oil falls by 1.6% on weak Asian trend
Speculative selling amid a weakening trend in Asian trade affected prices
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Crude oil futures fell 1.62% to Rs 2,785 per barrel today due to speculative selling amid a weakening trend in Asian trade.
At Multi Commodity Exchange, crude oil for delivery in far-month October was trading Rs 46, or 1.62%, lower at Rs 2,785 per barrel in 488 lots.
Oil for September delivery moved down Rs 37, or 1.34%, to Rs 2,717 per barrel in 7,420 lots.
Analysts attributed persistent fall in crude prices at futures trade to weak trend in Asian trade today as sharp falls in equities added to worries lacklustre global economic growth will hurt energy demand in an oversupplied market.
Meanwhile, West Texas Intermediate (WTI) crude for October delivery, a new contract, lost 49 cents at $40.8357, while Brent crude for October tumbled 56 cents to $46.06 a barrel on the New York Mercantile Exchange.
At Multi Commodity Exchange, crude oil for delivery in far-month October was trading Rs 46, or 1.62%, lower at Rs 2,785 per barrel in 488 lots.
Oil for September delivery moved down Rs 37, or 1.34%, to Rs 2,717 per barrel in 7,420 lots.
Analysts attributed persistent fall in crude prices at futures trade to weak trend in Asian trade today as sharp falls in equities added to worries lacklustre global economic growth will hurt energy demand in an oversupplied market.
Meanwhile, West Texas Intermediate (WTI) crude for October delivery, a new contract, lost 49 cents at $40.8357, while Brent crude for October tumbled 56 cents to $46.06 a barrel on the New York Mercantile Exchange.
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First Published: Aug 21 2015 | 10:57 AM IST