Crude oil prices decline 1.13% on global cues

Crude oil prices Wednesday fell by 1.13 per cent to Rs 4,303 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas. On the Multi Commodity Exchange, crude for delivery in May fell by Rs 49, or 1.13 per cent, to Rs 4,303 per barrel in a business volume of 17,840 lots.

Analysts said continuous off-loading of holdings by participants in line with a weakening global trend mainly weighed on crude prices at futures trade here. Globally, prices spiralled down on rising US inventories and Saudi Arabia's supply assurance, analysts said.

Moreover, a strengthening Indian rupee also exerted pressure on crude prices. Oil for delivery in June also fell by Rs 52, or 1.19 per cent, to Rs 4,331 per barrel in 2,164 lots.

The West Texas Intermediate (WTI) crude fell 0.91 per cent to USD 61.22, while Brent crude, the international benchmark, shed 0.38 per cent to USD 70.97 a barrel at the New York Mercantile Exchange.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)