Crude oil futures down 1.23% on weak Asian cues

NEW DELHI: Crude oil futures were down 1.23 per cent to Rs 2,802 per barrel today after speculators trimmed positions in tandem with a weak trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in September shed Rs 35, or 1.23 per cent, to Rs 2,802 per barrel, with a business volume of 1,869 lots.

Oil prices for August also moved down by Rs 34, or 1.22 per cent, to Rs 2,745 per barrel, with a business volume of 5,282 lots.

Marketmen said the fall in crude oil futures was mostly in line with a weakening trend in Asia, weighed down by a strengthening dollar as concerns about weakening demand in China added to expectations a global oversupply will last for years.

Meanwhile, West Texas Intermediate crude oil for delivery in September was down 7 cents, to USD 41.80, while Brent crude for October gave up 13 cents to USD 48.61 a barrel in late morning trade on the New York Mercantile Exchange.