ENM: Crude futures fall 1.52% on weakening global trend
NEW DELHI: Crude oil fell by 1.52% in futures trading on Wednesday on traders, influenced by a weakening trend in global markets, reducing their pThe crude for January month contract fell by 1.52% at Rs 1,873 per barrel in trading volume of 5,226 lots on the Multi Commodity Exchange.
For February contract, the oil lost 0.43% at Rs 2,067 per barrel in 796 lots and March contract by 0.32% at Rs 2,195 per barrel in trading of 18 lots.
Marketmen said the trading sentiment turned bearish on reports that the Oil slid below 39 dollar a barrel in overseas markets, closing out its worst year ever after falling 60%, with a rapid reversal in the economic outlook.
They said fresh sets of dismal data from the United States added pessimism that oil demand in 2009 will suffer further, countering any support from Middle East tensions and hopes for another Saudi output cut.
