Crude oil futures fall on weak overseas trend
Crude oil futures fell by Rs 25 to Rs 4,081 per barrel today as speculators reduced positions amid a weakening trend overseas.
Profit-booking at existing levels too weighed on crude prices.
At the Multi Commodity Exchange, crude oil for delivery in February was trading sharply lower by Rs 25, or 0.61 per cent, to Rs 4,081 per barrel in 3,853 lots.
The oil for delivery in March eased by a similar margin to trade at Rs 4,.084 per barrel in 153 lots.
Analysts said a weak trend in global markets, where oil prices dropped for a third day after data from an industry body showed crude stocks rose more than expected last week, while a sell off in other commodities, stocks and bonds added to investors bearish mood, weighed on sentiments here.
Meanwhile, the report from the American Petroleum Institute late on Tuesday showed crude stocks rose by 3.2 million barrels last week cast a further bearish pall over the market.
Meanwhile, West Texas Intermediate (WTI) crude lost 0.84 per cent to USD 63.96, while Brent crude, the European benchmark, fell 0.77 per cent to USD 68.49 a barrel at the New York Mercantile Exchange today.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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