Crude oil futures down on weak Asian cues

NEW DELHI: Crude oil futures fell 0.16 per cent to Rs 4,320 per barrel today as speculators indulged in reducing their exposures amid a weakening trend in Asian trade where it plunged to over four-year lows after the OPEC cartel refused to cut production.

At the Multi Commodity Exchange, crude oil for delivery in far-month January 2015 contracts shed Rs 11, or 0.16 per cent, to Rs 4,320 per barrel in 262 lots.

In a likewise manner, oil for December delivery moved down by Rs 8, or 0.15 per cent, to Rs 4,283 per barrel in 2,453 lots.

The trading sentiment remained weak largely in line with weak trend Asian trade after the OPEC cartel decided not to cut output at the conclusion of its meeting, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for January delivery was at USD 69.04, while Brent curde for January traded at USD 72.59 a barrel on the New York Mercantile Exchange in late- morning trade today.