Crude oil futures down Rs 22 a barrel on weak global cues

Crude oil futures fell by Rs 22 to Rs 3,552 per barrel today as speculators cut down their bets positions, tracking overnight weakness in global market.
In futures trading at Multi Commodity Exchange, crude oil for delivery in January was trading Rs 22, or 0.62 per cent lower, at Rs 3,552 per barrel in 750 lots.
Oil for far-month February delivery also moved down by Rs 22, or 0.60 per cent, to Rs 3,624 per barrel in a business volume of 38 lots.
The trading sentiments dampened in futures trade as oil prices sank 3.8 per cent in global market last session as an increase in US drilling offset signs that OPEC members are sticking to planned output cuts, analysts said.

Meanwhile, US benchmark crude oil fell USD 3.8 per cent, to close at USD 51.96 a barrel in New York yesterday. Brent crude, which is used to price oil sold internationally, slid USD 2.16, or 3.8 per cent, to close at USD 54.94 a barrel in London.