MC:Crude oil down in futures trade on weak overseas cues
Crude oil prices fell by 0.88% to Rs 3,944 per barrel in futures trade today as speculators engaged in reducing their positions amid a weakening trend overseas on concerns over the US and Chinese economy.
At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 35, or 0.88%, to Rs 3,044 per barrel, with a trading volume of 4,965 lots.
Similarly, the oil for delivery in October lost Rs 34, or 0.85%, to Rs 3,971 per barrel, with a turnover of 540 lots.
Analysts said the fall in crude oil prices in futures trade was mostly in tandem with a subdued trend in Asian markets on concerns over high unemployment rates in the US and runaway inflation in China
Meanwhile, New York's main contract crude for October delivery fell by 59 cents to USD 85.86 barrel in the Asian region today.
