Crude oil futures fall on weak global cues

Crude oil prices plunged 0.41 per cent to Rs 4,622 per barrel Wednesday on adequate supply amid weak global cues. On the Multi Commodity Exchange, crude for delivery in May fell by Rs 19, or 0.41 per cent, to trade at Rs 4,622 per barrel in a business turnover of 28,115 lots.

The fall in crude prices was mainly due to signs of adequate supply in the global market despite the US move to impose sanctions on countries that buy Iranian oil, traders said. Similarly, crude oil for delivery in June moved down by Rs 15, or 0.32 per cent, to Rs 4,637 per barrel in 463 lots.

Meanwhile, West Texas Intermediate crude fell 0.62 per cent to USD 65.89 per barrel, while Brent crude fell 0.48 per cent to USD 74.15 per barrel on the New York Mercantile Exchange.