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Crude oil futures down on weak global cues

Crude oil futures fell by 0.44 per cent to Rs 3,201 per barrel today as speculators indulged in trimming positions amid a weakening trend overseas on demand worries.

At the Multi Commodity Exchange, crude oil for delivery in January traded Rs 14, or 0.44 per cent, lower to Rs 3,201 per barrel in 5,298 lots. In a likewise manner, oil for February delivery contracts moved down by Rs 14, or 0.43 per cent, to Rs 3,260 per barrel in 357 lots. The trading sentiment in crude oil dampened at futures after the US contract fell below the psychological $50 mark in New York in yesterday's trade on demand worries, a strong dollar and a global supply glut, analysts said. Meanwhile, West Texas Intermediate (WTI) crude for February hit as low as $49.95, a level not seen since May 2009, before closing at $50.04, down $2.65 in yesterday's trade. Brent also fell by $3.31 to $53.11.
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