Crude oil falls by 0.5%, strained by weak global cues

Crude oil futures slipped Rs 17 to Rs 3,085 per barrel today, in line with a weak trend in Asian trade, as traders cut down their bets.

Crude oil for delivery in December was trading lower by Rs 17, or 0.55%, at Rs 3,085 per barrel, with a business volume of 133 lots at Multi Commodity Exchange (MCX).

Also, oil prices for November delivery moved down Rs 16, or 0.53%, to trade at Rs 3,012 per barrel, with a business volume of 3,035 lots.

Analysts said the fall in crude oil futures is mostly in step with a sluggish trend in Asian trade as a midweek rally dissipated with no relief in sight to a global crude oversupply.
 
Prices surged on Wednesday driven by bargain-hunting and a below-forecast rise in US commercial crude inventories, but concerns over the supply glut soon resurfaced as output levels remain elevated.

US benchmark West Texas Intermediate fell 23 cents to $45.83 a barrel while Brent crude was trading eight cents lower at $48.72 per barrel.