Crude oil futures fall over 1 pc on weak global cues

Crude oil futures fell by Rs 41 at Rs 3,777 per barrel on Thursday after participants reduced positions tracking a subdued trend in global markets. On the Multi Commodity Exchange, crude oil for delivery in October dropped by Rs 41, or 1.07 per cent, to Rs 3,777 per barrel with a business volume of 16,014 lots.

For November delivery, crude oil was quoting lower by Rs 42, or 1.08 per cent, at Rs 3,800 per barrel in 1,213 lots. Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak global cues.

Globally, West Texas Intermediate crude oil was trading 1.01 per cent lower at USD 52.82 per barrel. Meanwhile, Brent Crude, the international benchmark slipped 0.84 per cent to trade at USD 58.92 per barrel in New York.

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