Crude oil futures slide on weak Asian cues

Wednesday, Aug 31, 2016,13:16 IST By metrovaartha A A A

New Delhi | Crude oil futures fell 0.29 per cent to Rs 3,116 per barrel Wednesday, in line with a weak trend in Asian trade, as speculators indulged in trimming positions.

Crude oil for delivery in September was trading lower by Rs 9 or 0.29 per cent at Rs 3,116 per barrel with a business volume of 6,900 lots at Multi Commodity Exchange.

Also, oil prices for October delivery fell by Rs 9 or 0.28 per cent at Rs 3,174 per barrel with a business volume of 192 lots.

Analysts said fall in crude oil futures is mostly in tune with a weak trend in Asian trade where it extended losses after Iran’s oil minister comment that his country planned to boost output ramped up oversupply worries.

Meanwhile, West Texas Intermediate was down one cent to trade at USD 46.34 while global benchmark Brent was down 6 cents to USD 48.31 per barrel.