Crude oil futures fall on weak Asian cues

Tuesday, Feb 2, 2016,10:50 IST By metrovaartha A A A

New Delhi | Crude oil futures fell by Rs 42 to Rs 2,111 per barrel Tuesday as speculators cut down their bets amid weak cues from the Asian markets. At the Multi Commodity Exchange, crude oil for delivery in February was trading lower by Rs 42, or 1.95 per cent, to Rs 2,111 per barrel in 2,817 lots. On similar lines, crude for delivery in March was trading lower by Rs 35, or 1.54 per cent, to Rs 2,243 per barrel, in a business volume of 159 lots.

Analysts said trading sentiment remained weak after world oil prices extended losses in Asia today on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen.

Globally, West Texas Intermediate (WTI) crude oil for March delivery was down 50 cents, or 1.58 per cent, to USD 31.12 a barrel, while Brent for April tumbled 45 cents, or 1.31 per cent, to USD 33.79 a barrel on the New York Mercantile Exchange. Both contracts settled lower yesterday.