Taking weak cues from the global markets, crude oil futures drifted 0.22 per cent to Rs 5,069 per barrel today as participants reduced their positions.

At the Multi Commodity Exchange, crude oil for delivery in January fell Rs 11 or 0.22 per cent to Rs 5,069 per barrel with a business volume of 4,255 lots.

Similarly, oil prices for delivery in February moved down by Rs 11 or 0.21 per cent to Rs 5,115 per barrel with a business turnover of 397 lots.

Marketmen said the fall in crude oil futures prices was in line with a weakening trend in Asia after the US Federal Reserve policy makers signalled they may end a stimulus programme this year, raising concern that the economic recovery may falter in the world’s biggest crude user.

Meanwhile, crude oil for delivery in February was down 64 cents at USD 92.28 a barrel on the New York Mercantile Exchange.

(This article was published on January 4, 2013)
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