Crude oil futures down 1.28%, hurt by weak global cues

Wednesday, Mar 2, 2016,11:43 IST By metrovaartha A A A

New Delhi | Crude oil futures fell 1.28 per cent to Rs 2,313 per barrel Wednesday, in line with a weak trend in Asian trade, as speculators cut down their bets. Crude oil for delivery in current month was trading lower by Rs 30, or 1.28 per cent, at Rs 2,313 per barrel, with a business volume of 4,372 lots at Multi Commodity Exchange (MCX).

Also, oil prices for the far-month April delivery was trading down by Rs 24, or 0.97 per cent, at Rs 2,450 per barrel, with a business volume of 124 lots.

Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asia as traders awaited the release of US crude inventory data, which are expected to show a further rise in stockpiles.

Meanwhile, West Texas Intermediate for April delivery fell 33 cents to USD 34.07, while Brent for May was trading 12 cents lower at USD 36.09 a barrel on the New York Mercantile Exchange.