Crude oil futures fall 0.35% after global cues weaken

Crude oil futures slipped 0.35 per cent to Rs 2,869 per barrel today, in step with a weak trend in Asia, as traders cut down their exposure.
Crude oil for delivery in the current month fell by Rs 10, or 0.35 per cent, at Rs 2,869 per barrel, with a business volume of 1,531 lots at the Multi Commodity Exchange (MCX).
Also, oil prices for July delivery moved down Rs 7, or 0.24 per cent, to trade at Rs 2,898 per barrel, with a business volume of 504 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asian trade after a fourth weekly loss on speculation that a record expansion by US drillers will blunt OPEC-led efforts to rebalance an oversupplied market.

The US benchmark West Texas Intermediate fell 19 cents to USD 44.55 while Brent was 19 cents lower at USD 47.19.