Press Trust of india

Crude oil futures fall on weak global cues

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New Delhi: Crude oil futures on Wednesday plummeted 29.31 per cent to Rs 936 per barrel as participants trimmed their positions in line with weak trend overseas.

On the Multi Commodity Exchange, crude oil for May delivery fell by Rs 388, or 29.31 per cent, to Rs 936 per barrel with a business volume of 13,907 lots.

Crude oil for June delivery was quoting lower by Rs 263, or 14.69 per cent, to Rs 1,527 per barrel with an open interest of 1,178 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.

Globally, West Texas Intermediate crude oil fell 6.74 per cent to USD 10.79 per barrel for the June contract.

Meanwhile, Brent Crude June futures contract slipped 10.50 per cent to USD 17.30 per barrel in New York.

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