Crude oil futures fall on global cues

Crude oil futures fell 0.52 per cent to Rs 4,223 per barrel on Wednesday after participants reduced positions amid weak global cues.

On the Multi Commodity Exchange, crude oil for delivery in September shed Rs 22, or 0.52 per cent, to Rs 4,223 per barrel with a business volume of 22,539 lots.

Oil prices cooled off after Saudi Arabia's energy minister said more than half of the country's daily crude oil production that was knocked out by an attack had been recovered, assuring that production capacity at its targeted plants would be fully restored by the end of the month, analysts said.


Meanwhile, West Texas Intermediate crude oil was trading down 0.05 per cent to $59.31, while Brent Crude, the international benchmark, rose 0.43 per cent to trade at $64.83 a barrel.