New Delhi | Crude oil futures fell sharply by Rs 34 to Rs 2,485 per barrel Wednesday as speculators trimmed their position amid a weak trend in the Asian markets.
Trading sentiment weakened, tracking a subdued trend in Asia following fresh indications of growing oversupply ahead of the US Federal Reserve’s long-awaited decision on interest rates, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 34, or 1.35 per cent, to Rs 2,485 per barrel in 2,216 lots. On similar lines, crude for delivery in January next year was trading lower by Rs 32, or 1.22 per cent, to Rs 2,589 per barrel, in a business volume of 627 lots.
Globally, West Texas Intermediate (WTI) crude oil for January delivery fell 43 cents to USD 36.92 a barrel, while Brent crude for January eased by 33 cents to USD 38.12 per barrel on the New York Mercantile Exchange.
Subscribe to our email newsletter.