Crude oil futures down 1.22 per cent on weak Asian cues

NEW DELHI: Crude oil futures fell by 1.22 per cent to Rs 3,885 per barrel today as speculators engaged in reducing their exposures amid a weakening trend in Asian trade where it tumbled to fresh five-year lows owing to weak demand.

At the Multi Commodity Exchange, crude oil for delivery in December month contracts was down by Rs 48, or 1.22 per cent, to Rs 3,885 per barrel in 3,329 lots.

In a similar fashion, oil for January 2015 delivery contracts moved down by Rs 47, or 1.18 per cent, to Rs 3,922 per barrel in 511 lots.

Marketmen said trading sentiment remained subdued after crude struck fresh five-year lows in Asia with analysts forecasting further falls owing to weak demand, a global supply glut and fewer production halts.

Meanwhile, West Texas Intermediate ( WTI) crude for January delivery was down 40 cents at $62.65, while Brent curde for January fell 35 cents to $65.84 a barrel in on the New York Mercantile Exchange in mid-morning trade today.