Crude oil futures down on global cues

Amid a weak trend overseas, crude oil futures declined by 0.68 per cent to Rs 4,943 per barrel today as participants reduced their positions. At the Multi Commodity Exchange, crude oil for delivery in January shed Rs 34, or 0.68 per cent, to Rs 4,943 per barrel, with a business volume of 8,735 lots.

Similarly, oil prices for February delivery moved down by Rs 34, or 0.68 per cent, to Rs 4,995 per barrel, with a turnover of 618 lots.

Marketmen said the fall in crude oil futures prices was in line with a weakening trend in Asia with traders booking profits after a recent rally and as US politicians continue to wrangle over a deal to avert the fiscal cliff.

Meanwhile, crude oil for delivery in February was down 70 cents to USD 89.43 a barrel on the New York Mercantile Exchange.

ALSO READ

Gold, silver up on seasonal demand, global cues

Gold futures extend gains, up 0.19% on global cues

Gold price rises 1 per cent, holds near one-week high

Federal Bank aims 18% growth in gold loans in FY14