BS:Crude oil down 0.5% as participants trim position
Crude oil futures prices fell by 0.53% to Rs 6,002 per barrel today as speculators trimmed positions despite a firming trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 32, or 0.53%, to Rs 6,002 per barrel in 854 lots.
Similarly, oil for delivery in January next year moved down by Rs 30, or 0.49%, to Rs 6,059 per barrel in 80 lots.
Market analysts said trimming of positions by speculators mainly put pressure on crude oil at futures trade but a firming trend in Asian trade as investors focused on the US Federal Reserve's policy meeting this week for clues about its long-awaited stimulus pullback, capped the losses.
Globally, crude oil for January delivery was up 4 cents at $96.66 a barrel on the New York Mercantile Exchange in mid-morning trade today.
