Crude oil futures down 0.76% on weak overseas cues

Crude oil futures fell by 0.76 per cent to Rs 3,901 per barrel today as speculators cut down their bets amid a weak trend in global markets.
At Multi Commodity Exchange, crude oil for delivery in February traded Rs 30 or 0.76 per cent lower at Rs 3,901 per barrel in 2,740 lots.
Oil for far-month March delivery also moved down by a similar margin to trade at Rs 3,904 per barrel in 135 lots.
The trading sentiment dampened in futures trade after oil prices fell for a sixth day as Iran announced plans to boost production and US crude output hit record highs, adding to concerns about a sharp rise in global supplies, analysts said.

The falls come amid a rout in global share markets as inflation fears grip investors.
Meanwhile, West Texas Intermediate (WTI) crude was down 61 cents, or 1 per cent at USD 60.54, while Brent crude shed 43 cents, or 0.66 per cent at USD 64.38 a barrel on the New York Mercantile Exchange.