Crude oil futures decline to Rs 2,517 per barrel

PTI | | Updated on: Jan 22, 2018

Crude oil futures fell 0.44 per cent to Rs 2,517 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets.

Crude oil for delivery in January next year was trading lower by Rs 11 or 0.44 per cent at Rs 2,517 per barrel with a business volume of 1,797 lots at Multi Commodity Exchange (MCX).

Also, oil prices for far-month February delivery was trading down by Rs 11 or 0.42 per cent at Rs 2,601 per barrel with a business volume of 89 lots.

Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asia where it slipped, giving up some of last week’s sharp gains, as concerns of a global supply glut weighed on prices ahead of fresh US stocks data.

Prices had jumped last week after data showed an unexpected fall in US commercial crude stock, with WTI adding almost 10 per cent.

Meanwhile, West Texas Intermediate crude for February delivery fell 27 cents to $37.83, while Brent for February delivery was trading 17 cents lower at $37.72 a barrel on the New York Mercantile Exchange.

Published on December 28, 2015
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