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Last Updated : Aug 05, 2016 11:08 AM IST | Source: PTI

Crude oil futures fall on weak Asian cues

At the Multi Commodity Exchange, crude oil for delivery in August was trading lower by Rs 20, or 0.71 percent, to Rs 2,790 per barrel in 1,673 lots.


Crude oil futures fell by Rs 20 to Rs 2,790 per barrel today as speculators cut down their bets amid weak cues from the Asian markets.


At the Multi Commodity Exchange, crude oil for delivery in August was trading lower by Rs 20, or 0.71 percent, to Rs 2,790 per barrel in 1,673 lots.


On similar lines, crude for delivery in far-month September fell by Rs 19, or 0.66 percent, to Rs 2,856 per barrel, in a business volume of 70 lots.

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Analysts said trading sentiment remained weak after oil prices fell in Asia on profit-taking following two days of gains, with concerns about a global oversupply keeping optimism in check.


The losses come despite a rally across regional stock markets after the Bank of England announced an interest rate cut -- the first since 2009 -- and surprise stimulus to shore up the economy after Britain's vote to leave the EU.


Globally, West Texas Intermediate (WTI) crude oil was down 36 cents, or 0.83 percent, to USD 41.57 a barrel, while Brent was 40 cents, or 0.90 percent, to USD 43.89 a barrel on the New York Mercantile Exchange.


Prices dropped below USD 40 a barrel on Monday, the first time since April.



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First Published on Aug 5, 2016 11:04 am
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