 "Crude oil falls by 2.2% on weak Asian cues")
Crude oil futures fell by 2.18% to Rs 2,997 per barrel today amid a weak trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in February fell by Rs 67, or 2.18%, to Rs 2,997 per barrel in 17,702 lots.
The oil for March contract also shed Rs 65, or 2.07%, to Rs 3,079 per barrel in 1,476 lots.
At global level, the West Texas Intermediate crude for March delivery was down by 4.60 cents to $48.45 per barrel while Brent crude for March contract eased 14 cents to $54.02 per barrel in late morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in February fell by Rs 67, or 2.18%, to Rs 2,997 per barrel in 17,702 lots.
The oil for March contract also shed Rs 65, or 2.07%, to Rs 3,079 per barrel in 1,476 lots.
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The weakening of trading sentiment in futures market is in line with a subdued Asian trend and concerns over supply glut after an official weekly report from Energy Information Administration (EIA) showed crude stockpiles in the US surged more-than-expected last week.
At global level, the West Texas Intermediate crude for March delivery was down by 4.60 cents to $48.45 per barrel while Brent crude for March contract eased 14 cents to $54.02 per barrel in late morning trade on the New York Mercantile Exchange.