Crude oil futures down on global cues

PTI New Delhi | Updated on July 29, 2011 Published on July 29, 2011

Crude oil futures declined by 0.16 per cent to Rs 4,299 per barrel today as speculators reduced their positions, tracking a weakening global trend on US debt concerns.

At the Multi Commodity Exchange, crude oil for delivery in August declined by Rs 7 or 0.16 per cent to Rs 4,299 per barrel with a business volume of 1,475 lots. Likewise, September contract fell by a similar margin to Rs 4,343 per barrel with an open interest of 84 lots.

Traders said a weak trend in the global market on concerns over a possible US default if the President, Mr Barack Obama, and lawmakers fail to reach a deal to raise the country’s debt ceiling, led to the decline in crude oil futures prices here.

Meanwhile, crude for September delivery contract traded lower by 22 cents to $97.22 a barrel on the New York Mercantile Exchange.

Published on July 29, 2011
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