 "Crude oil fall by 0.5% on Asian cues")
Crude oil prices drifted by 0.49% to Rs 4,694 per barrel in futures trading today as speculators reduced exposures amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in January next contracts was trading down by Rs 23, or 0.49%, to Rs 4,694 per barrel in a business turnover of 46 lots.
Likewise, the oil for delivery in December shed Rs 19, or 0.41%, to Rs 4,664 per barrel in 1,136 lots.
This was due to dealers anticipating Gulf members of the OPEC cartel to reject production cuts unless they are guaranteed market shares.
Meanwhile, West Texas Intermediate for December delivery edged lower by 12 cents to $74.46 while Brent crude for January next was down four cents to $78.06 in mid-morning trade.
At the Multi Commodity Exchange, crude oil for delivery in January next contracts was trading down by Rs 23, or 0.49%, to Rs 4,694 per barrel in a business turnover of 46 lots.
Likewise, the oil for delivery in December shed Rs 19, or 0.41%, to Rs 4,664 per barrel in 1,136 lots.
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Analysts said the trading sentiment dampened at futures trade as speculators trimmed positions after crude oil prices fell in Asia today.
This was due to dealers anticipating Gulf members of the OPEC cartel to reject production cuts unless they are guaranteed market shares.
Meanwhile, West Texas Intermediate for December delivery edged lower by 12 cents to $74.46 while Brent crude for January next was down four cents to $78.06 in mid-morning trade.