Crude Oil Futures Fall On Weak Global Cues

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New Delhi, Sep 26 (PTI) Crude oil futures fell by Rs 19 to Rs 5,252 per barrel Wednesday as speculators reduced bets amid a weakening trend overseas.

At the Multi Commodity Exchange, crude for delivery in October dropped Rs 19, or 0.36 per cent, to Rs 5,252 per barrel in 1,058 lots.

Similarly, the oil for delivery in November moved down Rs 17, or 0.32 per cent, to Rs 5,259 per barrel in 37 lots.

Marketmen said the trading sentiment at futures trade dampened after crude oil prices eased in global market after rising to its highest in nearly four years in the Tuesday.

Meanwhile, in the US, the world’s biggest oil user, an industry report on Tuesday showed crude stockpiles unexpectedly climbed last week.

Crude inventories rose by 2.9 million barrels in the week to September 21 to 400 million, compared with analyst expectations for a decrease of 1.3 million barrels, the American Petroleum Institute said.

Meanwhile, West Texas Intermediate (WTI) crude fell 16 cents, or 0.22 per cent, to USD 72.12, while Brent crude slipped 11 cents, or 0.14 per cent, to USD 81.15 per barrel on the New York Mercantile Exchange.

 

SOURCEChiniMandi

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