Crude oil futures weakens on global cues

Crude oil prices dipped by Rs 14 to Rs 4,149 per barrel in futures trade today, as speculators offloaded their positions on the back of a weakening global trend.

At the Multi Commodity Exchange platform, crude oil for January fell by Rs 14, or 0.34 per cent to Rs 4,149 per barrel, with a business turnover of 13 lots.

Similarly, the oil for delivery in February-contract lost Rs 10, or 0.26 per cent to Rs 4,220 per barrel, with a business volume of seven lots.

Fresh offloading by speculators and reports of weakening trend in global markets led to the fall in crude oil futures prices, traders said.

Meanwhile, crude oil in New York eased two cents to $91.52 a barrel.