Crude oil futures down 0.67 pc on Asian cues

NEW DELHI: Crude oil prices fell by 0.67 per cent to Rs 4,476 per barrel in futures trade today as speculators reduced their positions taking cues from weak Asian market on demand concerns.

At the Multi Commodity Exchange, crude oil for delivery in June shed Rs 30, or 0.67 per cent to Rs 4,476 per barrel, with a business turnover of 5,650 lots.

The oil for delivery in July also moved down by Rs 29, or 0.64 per cent to Rs 4,522 per barrel, with a business volume of 230 lots.

Market analysts said a subdued trend in the Asian region, as US economic recovery is sputtering and fuel demand may drop, which put pressure on the crude prices at futures trade here. The United States is the world's biggest oil consumer.

Meanwhile, crude oil for delivery in July fell by 95 cents to USD 99.15 a barrel in the Asian region.