Crude Oil Futures Slump 2.07% On Weak Global Cues

Crude oil futures dropped by 2.0 per cent to Rs 4,349 per barrel today as speculators reduced positions amid a weak trend in Asian markets.

At Multi Commodity Exchange, crude oil for delivery in July was trading Rs 92, or 2.07 per cent, lower at Rs 4,349 per barrel in 1,130 lots.

Oil for June delivery also moved down by Rs 91, or 2.05 per cent, to Rs 4,344 per barrel in 6,454 lots.

Investor sentiment dampened in futures trade after oil prices fell in Asia today, pulled down by an expectation that OPEC and its allies would increase supplies, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude was down USD 1.23, or 1.89 per cent, to USD 63.83; and Brent crude eased 76 cents, or 1.03 per cent, to USD 72.68 a barrel on the New York Mercantile Exchange.

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