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Crude oil futures down on weak global cues

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Press Trust of India New Delhi

Crude oil futures fell by 0.53% to Rs 4,924 per barrel today as speculators reduced their positions amid a weakening trend overseas on euro zone debt worries.

At the Multi Commodity Exchange, December crude oil fell by Rs 53, or 0.53%, to Rs 4,924 per barrel, with a trading volume of 9,683 lots.

The January contract crude lost Rs 21, or 0.42%, to Rs 4,956 per barrel in 4,044 lots.

Analysts said the fall in crude oil futures was in line with a  weakening trend in the Asia region on growing fears that Europe's debt crisis will trigger a recession across the continent next year and undermine global oil demand.

Meanwhile, New York's main contract, crude oil for January delivery, fell by 81 cents to $92.72 a barrel in the Asia region today.

 

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First Published: Dec 19 2011 | 12:39 PM IST

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