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Crude oil futures fell 1.17 per cent to Rs 4,737 per barrel today in line with a weak trend overseas as speculators trimmed their bets owing to a weak trend overseas.
Crude oil for delivery in May was trading lower by Rs 56 or 1.17 per cent at Rs 4,737 per barrel with a business volume of 1,993 lots at the Multi Commodity Exchange (MCX). Also, oil prices for June delivery fell Rs 55 or 1.15 per cent to Rs 4,748 per barrel with a business volume of 273 lots.
Analysts said the fall in crude oil futures was mostly in tune with a weak trend in global market, where it fell from last week’s multi-year highs as a relentless rise in US drilling activity pointed to increased output.
Meanwhile, West Texas Intermediate was down 25 cents, or 0.35 per cent, at $70.45, while global benchmark Brent fell 39 cents, or 0.51 per cent, to $76.73 a barrel.
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