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Crude oil futures down 0.57% on weak Asian cues

OIL

New Delhi: Crude oil drifted lower by 0.57 per cent to Rs 3,146 per barrel in futures trade today, in line with a weak trend in Asian markets as speculators indulged in trimming positions.

At Multi Commodity Exchange, crude oil for delivery in September declined by Rs 18 or 0.57 per cent to Rs 3,146 per barrel in business turnover of 3,621 lots.

Similarly, crude oil for delivery in October contracts traded lower by Rs 18 or 0.56 per cent to Rs 3,202 per barrel in 277 lots.

Analysts said fall in crude oil futures is mostly in tune with a weak trend in Asian trade.

Meanwhile, the US benchmark West Texas Intermediate was down 40 cents at USD 47.22 and Brent fell 44 cents to USD 49.55.

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