Crude oil futures fall on weak overseas cues

CrudeOil

Crude oil futures fell by Rs 24 to Rs 4,014 per barrel on Monday as speculators reduced bets amid a weakening trend overseas.

At Multi Commodity Exchange, crude for delivery in March dropped Rs 24, or 0.59 per cent, to Rs 4,014 per barrel in 5,366 lots.

On similar lines, oil for delivery in April moved down by Rs 22, or 0.54 per cent, to Rs 4,051 per barrel in 425 lots.

Marketmen said trading sentiments at futures trade dampened after crude oil prices dipped overseas amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and US sanctions against Iran and Venezuela.
Meanwhile, West Texas Intermediate (WTI) crude fell 20 cents, or 0.30 per cent to USD 58.32, while Brent crude fell 13 cents, or 0.20 per cent, to USD 67.03 per barrel on the New York Mercantile Exchange.

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