Crude oil futures fall by Rs 42 amid weak Asian cues
Analysts said trading sentiment remained weak after world oil prices extended losses in Asia on Tuesday on weak economic data from China and realisation that a hoped-for deal among producers to cut output would not happen.
Crude oil futures fell by Rs 42 to Rs 2,111 per barrel on Tuesday as speculators cut down their bets amid weak cues from the Asian markets.
At the Multi Commodity Exchange of India (MCX), crude oil for delivery in February was trading lower by Rs 42, or 1.95%, to Rs 2,111 per barrel in 2,817 lots.
On similar lines, crude for delivery in March was trading lower by Rs 35, or 1.54%, to Rs 2,243 per barrel, in a business volume of 159 lots.
Analysts said trading sentiment remained weak after world oil prices extended losses in Asia on Tuesday on weak economic data from top energy consumer China and realisation that a hoped-for deal among producers to cut output would not happen.
Globally, West Texas Intermediate (WTI) crude oil for March delivery was down 50 cents, or 1.58%, to $31.12 a barrel, while Brent for April tumbled 45 cents, or 1.31%, to $33.79 a barrel on the New York Mercantile Exchange. Both contracts settled lower on Monday.