Comments
Crude oil futures fell Rs 34 to Rs 3,315 per barrel today as speculators reduced bets amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude for delivery in October dropped Rs 34 or 1.02 per cent to Rs 3,315 per barrel in 696 lots.
Similarly, the oil for delivery in September moved down Rs 30 or 0.91 per cent to Rs 3,262 per barrel in 19,882 lots.
Analysts said trading sentiment at the futures trade eased after crude oil prices retreated in Asia, ending a seven-day run, following news that Iraq will boost crude exports, while the dollar strengthened on speculation the Federal Reserve may hike interest rates this year.
The commodity had entered a bull market last week — after rising more than 20 per cent from recent lows below $40 a barrel — on hopes producers will take action to ease the supply glut.
Meanwhile, West Texas Intermediate (WTI) crude fell 54 cents or 1.11 per cent to $47.98, and Brent crude lost 73 cents or 1.43 per cent to $50.15 per barrel on the New York Mercantile Exchange.
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.