Crude oil futures fall on weak Asian cues

Friday, May 6, 2016,11:38 IST By metrovaartha A A A

New Delhi | Crude oil futures plunged by Rs 27 to Rs 2,922 per barrel Friday as speculators reduced bets amid a weakening trend in Asian trade.

At Multi Commodity Exchange, crude for delivery in May dropped Rs 27, or 0.92 per cent, to Rs 2,922 per barrel in 2,312 lots. On similar lines, oil for delivery in far-month June moved down Rs 25, or 0.83 per cent, to Rs 2,981 per barrel in 111 lots.

Marketmen said the trading sentiments at futures trade dampened after crude oil prices eased in Asian trade today as traders await a closely watched US jobs report that could provide clues on the health of the world’s biggest economy and the direction of interest rates. The non-farm payroll report due for release later in the day could determine when the Fed lifts borrowing costs, which would affect the dollar and, in turn, demand for oil.

Meanwhile, West Texas Intermediate (WTI) crude for June fell 20 cents, or 0.45 per cent, to USD 44.12, while Brent crude for July dipped 18 cents, or 0.40 per cent, to USD 44.83 per barrel on the New York Mercantile Exchange.