Comments
Crude oil futures fell sharply by Rs 68 to Rs 2,990 per barrel today as speculators reduced bets amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in October dropped Rs 68 or 2.22 per cent to Rs 2,990 per barrel in 187 lots.
Similarly, the oil for September delivery was trading 53 or 2.11 per cent down at Rs 2,926 per barrel in 1,807 lots.
Analysts said the fall in crude oil futures is mostly in step with a sluggish trend in Asian trade as dealers focused on an upcoming US energy report for clues about production and demand in the world’s top crude consumer amid abundant global supplies.
Meanwhile, US benchmark West Texas Intermediate for October delivery fell 65 cents to $43.50, while Brent crude for October delivery dropped 76 cents to $46.82 in late-morning trade.
Comments
COMMENT NOW
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.