Business

Crude oil futures fall 0.39% on weak overseas trend

Crude oil futures fall 0.39% on weak overseas trend

New Delhi: Crude oil futures slipped 0.39 per cent to Rs 4,070 per barrel today, in line with a weak trend in Asian markets, as traders cut exposure.

Crude for delivery in January was trading lower by Rs 16, or 0.39 per cent, at Rs 4,070 per barrel, with a business volume of 2,958 lots at the Multi Commodity Exchange (MCX).

Also, oil prices for delivery in February moved down Rs 15, or 0.37 per cent, to trade at Rs 4,075 per barrel, with a business volume of 424 lots.

Analysts said the fall in prices is mostly in step with a weak trend overseas as expectations of falling US stockpiles were overshadowed by worries that Russia is considering ending its role in an output freeze with OPEC.

The US benchmark West Texas Intermediate fell 0.11 per cent to USD 63.66, while Brent was down 0.17 per cent at USD 69.03 a barrel.

PTI