Crude oil futures down on weak Asian cues Crude oil futures fell 0.73 per cent to Rs 3,251 per barrel today as speculators cut down their bets amid a weakening trend in Asian trade.
Crude oil for delivery in June at the Multi Commodity Exchange traded down Rs 24 or 0.73 per cent at Rs 3,251 per barrel in 6,843 lots.
Similarly, oil for July delivery moved down by Rs 23 or 0.69 per cent to Rs 3,309 per barrel in 566 lots.
The trading sentiment eased in futures trade after crude oil prices fell more than 1 per cent in Asian trade today, extending a sell-off on speculation about a pick up in production while world markets are rattled by fears over Britain’s possible exit from the European Union, marketmen said.
After rally in the commodity that saw the US benchmark hit an 11-month high last week, investors are beginning to cash in and search out safe havens such as the yen and gold.
Supply-side worries have also increased after a Nigerian militant group on Sunday urged other rebels to join peace negotiations with the government to put an end to the attacks on the nation’s oil installations.
Also, Canadian production, which was hammered by severe wildfires in May, is expected to slowly recover as the blazes diminish.
West Texas Intermediate (WTI) crude fell 56 cents or 1.15 per cent to USD 48.32 while Brent crude slipped 51 cents or 1.01 per cent to USD 49.84 a barrel at the New York Mercantile Exchange.