Crude oil futures fall 0.80 pc on weak global cues

Team Udayavani, Nov 5, 2018, 2:40 PM IST

New Delhi: Continuing its slide, crude oil futures fell by another 0.80 per cent, to Rs 4,572 per barrel on Monday as speculators indulged in trimming their holdings in line with a weak trend in the Asian trade. 

Crude oil for delivery in November was trading lower by Rs 37, or 0.80 per cent, to Rs 4,572 per barrel with a business volume of 2,093 lots at Multi Commodity Exchange (MCX). Also, oil prices for December shed Rs 35, or 0.76 per cent to Rs 4,598 per barrel, with a business volume of 247 lots.

Traders said persistent fall in crude oil at futures market is largely in sync with a weak trend overseas on higher supply from world’s major crude producers and profit-booking by participants. Meanwhile, West Texas Intermediate fell 0.70 per cent, to USD 62.70 and Brent was trading 0.55 per cent down at USD 72.43 a barrel.