Crude oil futures down 1.59% on Asian cues
New Delhi: Crude oil futures declined by 1.59 percent to Rs 4,767 per barrel on Tuesday after speculators trimmed positions largely in tandem with a weak trend in Asian trade on slower Chinese growth.
At the Multi Commodity Exchange, crude oil for delivery in April shed Rs 77, or 1.59 percent, to Rs 4,767 per barrel, with a business volume of 5,014 lots.
Oil prices for May delivery also moved down by Rs 73, or 1.58 percent, to Rs 4,813 per barrel, with a business volume of 969 lots.
Marketmen said the fall in crude oil futures prices was mostly in line with a weakening trend in Asia dragged by prospects of weaker crude demand from China after data showed the world's second largest economy was not growing as fast as expected.
Meanwhile, crude oil for delivery in May was down by USD 2.49, to USD 86.22 a barrel on the New York Mercantile Exchange.