Crude oil futures fall on weak overseas cues

Crude oil futures fell by Rs 9 to Rs 4,268 per barrel on Friday as speculators off-loaded their bets amid a weak trend overseas.

Trading sentiment was dampened in futures trade here after oil prices retreated in the international market on deepening sense of global economic gloom and oversupply, say reports.

On the Multi Commodity Exchange, crude for delivery in May contracts was trading down by Rs 9, or 0.21 per cent, at Rs 4,268 per barrel in 20,606 lots.

The oil for June delivery fell by Rs 8, or 0.19 per cent, to Rs 4,293 per barrel with a business volume of 708 lots.

The international benchmark Brent crude futures dropped 0.65 per cent to USD 70.29 a barrel and the West Texas Intermediate (WTI) was trading 0.37 per cent lower to USD 61.54 per barrel.

Source: https://www.moneycontrol.com/news/business/markets/crude-oil-futures-fall-on-weak-overseas-cues-2-3928111.html

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