BUSINESS
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asia as traders awaited the release of the US crude inventory data.
Crude oil futures fell 1.28% to Rs 2,313 per barrel on Wednesday, in line with a weak trend in Asian trade, as speculators cut down their bets.
Crude oil for delivery in the current month was trading lower by Rs 30, or 1.28%, at Rs 2,313 per barrel, with a business volume of 4,372 lots at the Multi Commodity Exchange of India (MCX).
Also, oil prices for the far-month April delivery were trading down by Rs 24, or 0.97%, at Rs 2,450 per barrel, with a business volume of 124 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asia as traders awaited the release of the US crude inventory data, which are expected to show a further rise in stockpiles.
Meanwhile, the West Texas Intermediate (WTI) for April delivery fell 33 cents to $34.07 a barrel, while Brent crude for May was trading 12 cents lower at $36.09 a barrel on the New York Mercantile Exchange (NYMEX).