New Delhi | Crude oil futures declined by Rs 29 to Rs 2,485 per barrel Wednesday in line with a weak trend in Asian trade. In futures trade at the Multi Commodity Exchange, crude oil for delivery in January 2016 shed Rs 29, or 1.15 per cent, to Rs 2,485 per barrel, with a business volume of 2,048 lots.
Oil prices for far-month February delivery moved down by Rs 23, or 0.89 per cent, to trade at Rs 2,574 per barrel with a business volume of 51 lots. Marketmen said the fall in crude oil futures was mostly in tandem with a weakening trend in Asian trade ahead of the release of data on US crude stockpiles and production.
Prices had been volatile during the holiday-shortened final week of 2015 but remained near multi-year lows in the face of indications a global crude supply glut will continue into next year.
Meanwhile, West Texas Intermediate crude oil for delivery in February fell by 67 cents to USD 37.20, while Brent for the same month was trading 46 cents lower at USD 37.33 a barrel on the New York Mercantile Exchange.
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