Crude oil futures continue to fall

NEW DELHI: Crude oil futures fell for the second consecutive day in the domestic market, taking cues from weak global trends.

At 1200 hrs, both June and July contract were down by 0.36 per cent to Rs 5,575 per barrel and Rs 5,564 per barrel respectively at MCX counter.

At New York Mercantile Exchange (NYMEX), crude oil for July contract slipped by 0.53 per cent at 130.50 dollars per barrel.

"Global prices are still ruling lower from its record high of 135.09 dollars per barrel. Besides, weakness in dollar value and rising summer demand for gasoline in the US is also pressuring prices," Karvy Comtrade Reserach Head Harish G said.

He said that domestic futures are largely influenced by global markets. "Any fall or rise has direct impact in India."

Meanwhile, spot prices were ruling firm at Rs 5,615 per barrel in Mumbai.