Crude futures fall on MCX on weak Asian trend
Crude oil in futures trading fell by 0.70 pc after China raised domestic fuel prices and Saudi Arabia announced its plans to increase its oil output.
NEW DELHI: Crude oil in futures trading fell by 0.70 pc on Friday after China raised domestic fuel prices and Saudi Arabia announced its plans to increase its oil output.
At 1130 hrs, crude for July delivery contract fell 0.70 pc at Rs 5,695 per barrel on the Multi Commodity Exchange. The contract moved between Rs 5,684 and Rs 5,727 per barrel.
The August delivery contract also fell by 0.70 pc at Rs 5,700 per barrel after moving between Rs 5,705 and Rs 5,688 per barrel.
Crude oil prices fell in Asian markets after Saudi Arabia, the biggest producer in the OPEC cartel, said it planned to increase output by 200,000 barrels per day.
"Expectations that supply might improve as Saudi Arabia planning to increase its output next month, influence trading sentiment," said Harish, research head at Karvy Comtrade.
He said the market might go further down on expectations that the crude in overseas market might touch a low of 125 dollar per level.
Meanwhile, the benchmark futures contract, New York's light sweet crude for July delivery, was 56 cents lower at 131.37 US dollar a barrel.
Brent North Sea crude for August delivery eased 13 cents to 131.87 US dollar after dropping 4.44 dollars to settle at 132 US dollar in London.
At 1130 hrs, crude for July delivery contract fell 0.70 pc at Rs 5,695 per barrel on the Multi Commodity Exchange. The contract moved between Rs 5,684 and Rs 5,727 per barrel.
The August delivery contract also fell by 0.70 pc at Rs 5,700 per barrel after moving between Rs 5,705 and Rs 5,688 per barrel.
Crude oil prices fell in Asian markets after Saudi Arabia, the biggest producer in the OPEC cartel, said it planned to increase output by 200,000 barrels per day.
"Expectations that supply might improve as Saudi Arabia planning to increase its output next month, influence trading sentiment," said Harish, research head at Karvy Comtrade.
He said the market might go further down on expectations that the crude in overseas market might touch a low of 125 dollar per level.
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Meanwhile, the benchmark futures contract, New York's light sweet crude for July delivery, was 56 cents lower at 131.37 US dollar a barrel.
Brent North Sea crude for August delivery eased 13 cents to 131.87 US dollar after dropping 4.44 dollars to settle at 132 US dollar in London.
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