Crude oil futures fall by Rs 12 on weak Asian cues

Crude oil futures fell by Rs 12 to Rs 2,877 per barrel today as speculators reduced their positions amid a weakening trend in Asian trade.
Furthermore, profit-booking at existing level too weighed on crude prices.
At the Multi Commodity Exchange, crude oil for delivery in May shed Rs 12, or 0.42 per cent, to Rs 2,877 per barrel in 356 lots.
The oil for delivery in April also fell by Rs 11, or 0.40 per cent, to trade at Rs 2,771 per barrel in 2,754 lots.
Analysts said a weak trend in Asian trade where oil prices took a breather after sharp gains fuelled by reports of an agreement between Saudi Arabia and Russia on freezing output ahead of a key producers' meeting, dampened sentiments here.

Prices climbed to their highest levels this year yesterday, as reports Saudi Arabia and Russia had reached a consensus boosted expectations of a wider deal during Sunday's meeting in Doha.

The meeting will bring together OPEC members led by Saudi Arabia and non-OPEC producers, such as Russia, to discuss how to ease an oil glut that has depressed prices for nearly two years.
Prices are still more than 60 per cent below peaks of over USD 100 a barrel in mid-2014 despite recovering from near 13-year lows in February.
Meanwhile, West Texas Intermediate (WTI) crude for May delivery was down 34 cents, or 0.81 per cent, to USD 41.83, while Brent crude for June delivery, the European benchmark, was trading 19 cents, or 0.43 per cent, to USD 44.50 a barrel at the New York Mercantile Exchange today.