Markets

Crude oil futures fall on global cues

PTI New Delhi | Updated on May 06, 2019 Published on May 06, 2019

Crude oil prices fell 1.88 per cent to Rs 4,222 per barrel, on Monday, as participants reduced holdings amid a weak trend overseas.

On the Multi Commodity Exchange, crude for delivery in May fell by Rs 81 or 1.88 per cent, to Rs 4,226 per barrel in a business volume of 20,586 lots.

The oil contracts for delivery in July fell by Rs 133 or 3.04 per cent, to Rs 4,243 per barrel in a business volume of 13 lots.

Analysts said offloading of holdings by participants, in line with a weak trend in global crude, mainly weighed on oil prices here.

Oil prices have tumbled after US President Donald Trump jolted markets with a threat to raise more tariffs on imports from China, spooking investors who had been expecting good news this week on trade.

Traders said the renewed tensions over trade pushed oil prices lower.

Meanwhile, the West Texas Intermediate crude fell 1.94 per cent to USD 60.74, while Brent crude, the international benchmark, fell 1.72 per cent to USD 69.63 a barrel on the New York Mercantile Exchange.

Published on May 06, 2019
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