TIL Desk/Business/New Delhi-Crude oil futures fell 1.55 per cent to Rs 3,247 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets. Crude oil for delivery in June was trading lower by Rs 51 or 1.55 per cent at Rs 3,247 per barrel with a business volume of 4,696 lots at Multi Commodity Exchange (MCX).
Also, oil prices for July delivery was trading lower by Rs 49 or 1.46 per cent at Rs 3,307 per barrel with a business volume of 354 lots. Analysts said fall in crude oil futures is mostly in tune with a weak trend in Asian trade where prices slipped again today, extending last week’s losses, fuelled by worries about the global economy, Britain’s future in the EU and producers bringing more rigs back online.
The retreat comes after the US benchmark West Texas Intermediate last week hit an 11-month high, thanks to a weaker dollar, which makes the commodity cheaper for anyone using other currencies. Dealers are cautiously awaiting meetings of the US Federal Reserve and Bank of Japan this week, hoping they will at least provide some guidance on monetary policy. Meanwhile, West Texas Intermediate was down 60 cents or 1.22 per cent to trade at USD 48.47 while global benchmark Brent was down 47 cents or 0.93 per cent to USD 50.07.
