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Crude oil futures slide 1.79% on cautious cues, all eyes on OPEC meet

Press Trust of India  |  New Delhi 

softened by 1.79 per cent to Rs 3,734 per barrel in futures trade Thursday as speculators trimmed positions amid weak global cues.

Besides, profit-booking at current levels weighed on prices.

At the Multi Commodity Exchange, for delivery in December declined by Rs 68, or 1.79 per cent, to Rs 3,734 per barrel in a business turnover of 20,376 lots.

On similar lines, crude for delivery in 8, or 0.21 per cent, to Rs 3,857 per barrel in 80 lots.

Analysts said trading sentiment weakened after participants took profits when fell in overseas market.

have crashed more than 30 per cent over the last two months, piling up the pressure on budgets in

OPEC and its allies are expected to agree on the terms of price-boosting output cuts on Thursday, despite pressure from US to reduce the cost of crude.

Globally, the US benchmark Intermediate (WTI) stood at USD 52.63, more than 0.4 per cent lower, and International benchmark Brent crude was trading at USD 61.28 a barrel.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 14:45 IST
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