Crude oil futures fall by Rs 29 a barrel on weak Asian cues

Thursday, Mar 31, 2016,11:13 IST By metrovaartha A A A

New Delhi | Crude oil futures fell by Rs 29 to Rs 2,520 per barrel Thursday as speculators reduced their positions amid a weakening trend in Asian trade. At the Multi Commodity Exchange, crude oil for delivery in April contracts shed Rs 29, or 1.14 per cent, to Rs 2,520 per barrel in 3,736 lots. The oil for delivery in far-month May contracts also fell by Rs 25, or 0.94 per cent to trade at Rs 2,629 per barrel in 171 lots.

The trading sentiment dampened at futures trade as crude oil prices resumed fall in Asian trade as a smaller-than-expected increase in US stockpiles was overshadowed by ongoing worries about a global supply glut while analysts said a rises fuelled by hopes over key output talks had mostly been priced in.

The US Department of Energy (DoE) on Wednesday reported another rise in US commercial crude stockpiles last week, by 2.3 million barrels.

Meanwhile, West Texas Intermediate (WTI) crude for May delivery was down 51 cents to USD 37.81 while Brent crude shed 40 cents to USD 38.86 a barrel at the New York Mercantile Exchange in mid-morning trade today.