Crude oil futures down on weak global cues

Crude oil futures prices fell sharply by 1.47 per cent to Rs 5,363 per barrel today as speculators reduced positions amid a weakening trend overseas.

Written by Agencies

January 6, 2012 11:39 IST

Crude oil futures prices fell sharply by 1.47 per cent to Rs 5,363 per barrel today as speculators reduced positions amid a weakening trend overseas.

At the Multi Commodity Exchange, prices for January contract fell by Rs 80, or 1.47 per cent, to Rs 5,363 per barrel, with a trading volume of 19,307 lots.

The February contract lost Rs 77, or 1.41 per cent, to Rs 5,385 per barrel, with a business turnover of 2,392 lots.

Analysts said fall in crude oil futures was mostly in line with a weakening trend in Asian trade as dealers booked profits and concerns over the European debt crisis and weaker US energy demand.

Meanwhile, the New York’s main contract crude for February delivery fell by 44 cents to USD 101.37 a barrel in the Asian region today.

This article was first uploaded on January six, twenty twelve, at thirty-nine minutes past eleven in the morning.