New Delhi | Crude oil futures fell sharply by Rs 36 to Rs 2,648 per barrel Monday as speculators trimmed their position amid a weak trend in the Asian markets. Trading sentiment weakened, tracking a subdued trend in Asia where oil stayed below USD 40 a barrel today after the OPEC cartel decided against slashing high output levels and traders turned their focus to a US central bank meeting next week, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 36, or 1.34 per cent, to Rs 2,648 per barrel in 1,062 lots.
On similar lines, crude for delivery in January next year was trading lower by Rs 33, or 1.18 per cent, to Rs 2,764 per barrel in a business volume of 476 lots. Globally, West Texas Intermediate (WTI) crude oil for January delivery fell 37 cents to USD 39.90 a barrel, while Brent crude for January eased by 12 cents to USD 42.88 per barrel on the New York Mercantile Exchange.
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