Monday, November 29, 1999

Crude oil futures down on lower global trend

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New Delhi, June 17 (PTI) Crude oil prices fell by Rs 23 or 0.64 per cent to Rs 3,591 per barrel in futures market today, as traders reduced their positions on the back of a weakening global trend. Trading sentiment turned weak after oil prices eased in Asian trade, as stock markets weakened and investors booked profits. At the Multi Commodity Exchange, crude oil for June contract fell by Rs 23, or 0.64 per cent to Rs 3,591 per barrel, with a business turnover of 22,281 lots. Similarly, the oil for delivery in July contract lost Rs 12 or 0.33 per cent to Rs 3,660 per barrel, with a business turnover of 5,281 lots. Analysts said fresh selling by traders after reports of a weakening trend in overseas markets mainly led to a fall in crude oil prices at futures market. Meanwhile, crude oil for for delivery in July shed 55 cents to USD 77.12 a barrel in New York.

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