Crude oil futures decline on weak Asian cues

Crude oil futures fell 0.73 per cent to Rs 2,738 per barrel today as speculators reduced their exposure amid a weakening trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in August contracts shed Rs 20, or 0.73 per cent, to Rs 2,738 per barrel in 2,159 lots.
The oil for delivery in September contracts also fell Rs 18, or 0.64 per cent, to trade at Rs 2,811 per barrel in 185 lots.
The trading sentiment remained weak as crude oil prices looked set for their seventh weekly fall in Asia today, with US crude tumbling to fresh a six-year low as investors are worried a global supply glut is set to last, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for September delivery was down 17 cents to USD 42.06 after falling below USD 42 a barrel earlier in the session, the lowest since March 2009.
Brent crude for September shed 2 cents to USD 49.20 a barrel at the New York Mercantile Exchange.