Crude oil futures struggle on weak global cues due to geopolitical tensions

Crude oil futures fell 2.41 per cent to Rs 4,043 per barrel Wednesday in line with a weak trend in overseas markets. Crude oil contracts for June were trading lower by Rs 100, or 2.41 per cent, at Rs 4,043 per barrel with a business volume of 15,714 lots on Multi Commodity Exchange.

Analysts said crude oil prices fell amid concerns over the escalating US-China trade war. However, OPEC supply cuts and tensions in the Middle East offered respite to crude oil prices. Meanwhile, West Texas Intermediate was down 1.15 per cent to USD 57.99, while global benchmark Brent was down 2 per cent to USD 68.71 a barrel.