Crude Oil Futures Down 0.82% On Weak Overseas Cues

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New Delhi, Sep 5 (PTI) Crude oil prices drifted down by 0.82 per cent to Rs 4,971 per barrel in futures trade today as speculators cut bets, driven by a weak trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 41, or 0.82 per cent to Rs 4,9 71 per barrel in business turnover of 1,940 lots.

Similarly, the oil for delivery in October was trading lower by Rs 40, or 0.80 per cent to Rs 4,970 per barrel in 56 lots.

Analysts said sentiment dampened after oil prices fell on Wednesday in global markets, partly reversing a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected.

Globally, Brent fell 34 cents, or 0.43 per cent, to USD 77.83 a barrel while West Texas Intermediate (WTI) crude oil shed 50 cents, or 0.72 per cent to USD 69.37 a barrel, on the New York Mercantile Exchange.

SOURCEChiniMandi

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