Business Standard

Oil futures dip on mixed global trend

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Press Trust of India New Delhi

Crude oil futures eased by Re 1 to Rs 4,049 per barrel as speculators were engaged in reducing their exposure amid a muted trend overseas.

At the Multi Commodity Exchange, crude for delivery in March was trading lower by Re 1, or 0.03 per cent, at Rs 4,049 per barrel in a business turnover of 5,761 lots.

The oil for delivery in April fell by Rs 2, or 0.05 per cent, to Rs 4,092 a barrel in 182 lots.

Traders said a mixed trend in global market over a gloomy growth forecast and trade tensions arising from US-China ties weighed on the crude prices here, despite OPEC affirming supply cut.

 

However, the West Texas Intermediate crude gained 0.70 per cent to USD 55.98, while Brent crude, the international benchmark, gained 0.03 per cent to USD 66.52 per barrel at the New York Mercantile Exchange.

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First Published: Feb 19 2019 | 1:11 PM IST

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