Crude oil futures down on weak Asian cues

Friday, Dec 11, 2015,12:55 IST By metrovaartha A A A

New Delhi | Crude oil futures fell 0.69 per cent to Rs 2,450 per barrel Friday, tracking a weak trend in Asian trade where it plunged to multi-year lows. Crude oil for delivery in December at the Multi Commodity Exchange traded down Rs 171, or 0.69 per cent, at Rs 2,450 per barrel in 1,951 lots. Similarly, oil for January next year delivery moved down by Rs 15, or 0.58 per cent, to Rs 2,580 per barrel in 194 lots.

Analysts said trading sentiment eased in futures trade after crude oil tumbled to fresh multi-year lows in Asia today as the OPEC cartel said output had surged, exacerbating concerns over a supply glut that is expected to persist beyond next year. The Organization of the Petroleum Exporting Countries reported its collective production rose by 230,100 barrels a day in November to 31.7 million, the highest in three and a half years and beyond its 30 million ceiling target.

Meanwhile, West Texas Intermediate (WTI) for delivery in January was down 28 cents at USD 36.48 and Brent crude for January was trading 26 cents lower at USD 39.47 at the New York  Mecantile Exchange, their lowest levels since early 2009 during a global financial crisis.