Crude oil futures slump to Rs 3,315 per barrel

PTI New Delhi | Updated on January 17, 2018 Published on August 22, 2016

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.

Published on August 22, 2016
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