Crude oil futures fall on weak global cues

Crude oil prices fell 2.47 per cent to Rs 3,628 per barrel Wednesday as participants reduced holdings amid a weak trend overseas. On the Multi Commodity Exchange, crude for June delivery fell by Rs 92, or 2.47 per cent, to Rs 3,628 per barrel in a business volume of 23,610 lots.

Crude oil contracts for July delivery also fell by Rs 90, or 2.4 per cent, to Rs 3,661 per barrel in a business volume of 2,080 lots.

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

A weaker demand outlook for 2019 and rise in US crude inventories led to the fall in global oil prices.

The West Texas Intermediate crude fell 1.84 per cent to USD 52.29, while Brent crude, the international benchmark, fell 1.62 per cent to USD 61.28 a barrel on the New York Mercantile Exchange.