Crude oil futures fell 1.11 per cent to Rs 4,528 per barrel today as speculators reduced their positions amid a weakening trend in Asian trade ahead of key OPEC meeting.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 51, or 1.11 per cent, to Rs 4,528 per barrel in 2,740 lots.
The oil for delivery in January next year contracts also fell by a similar margin to trade at Rs 4,563 per barrel in 200 lots.
The trading sentiment dampened at futures trade after crude oil prices retreated further in Asian trade on expectations the OPEC cartel will keep production at present levels despite pressure over falling prices at a key meeting later in the day, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for January delivery was down 55 cents to USD 73.14 while Brent crude for January declined 47 cents to USD 77.28 a barrel at the New York Mercantile Exchange in mid-morning trade today.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.