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Crude oil futures down 0.8% on weak Asian cues

Prospects of weaker crude demand form China dragged down prices

<a href="http://www.shutterstock.com/pic-33742723/stock-photo-many-barrels-of-oil-on-a-white-background.html?src=4E5JmKDWXyFhy3gm4lyKlQ-1-32" target="_blank">Crude Oil</a> image via Shutterstock

Press Trust of India New Delhi
Crude oil futures prices today fell by 0.80% to Rs 5,227 per barrel, after speculators reduced exposures amid weak trend in Asian trade.

At the Multi Commodity Exchange (MCX), the June contract fell by Rs 41, or 0.80%, to Rs 5,227 per barrel in 8,397 lots. 

The July contract moved down by Rs 38, or 0.72%, to Rs 5,256 per barrel in 609 lots.

The trading sentiment turned weak at futures trade as crude prices declined in Asian trade, dragged down by prospects of weaker crude demand form China and a buildup in US stockpiles, analysts said.

Meanwhile, crude oil for the July delivery dropped 64 cents to $93.51 a barrel on the New York Mercantile Exchange (NYMEX).

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First Published: May 27 2013 | 1:55 PM IST

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