Crude oil futures fall on weak Asian cues_Crude oil futures fall on weak Asian cues

Crude oil futures fall on weak Asian cues

May 31, 2024

NEW DELHI: Crude oil futures today fell 0.11% to 4, 751% per barrel The rupee cut speculators’ positions amid a weakening trend in Asian markets.

Futures trading sentiment shifted from bullish to bearish. Analysts said OPEC is unlikely to solve the global oversupply problem by cutting production as the dollar strengthens.

On various commodity exchanges, crude oil for delivery during the month totaled 1, 192 lots, down Rs 5, or 0.11%, at Rs 4751% per barrel.

The price of oil for delivery in December also fell by a similar margin till 2000 lots at Rs 4,776 per barrel.

Meanwhile, on the New York Mercantile Exchange, West Texas Intermediate crude for December delivery (WTI) was at $77.03 a barrel and Brent crude fell 37 cents to $80.01 a barrel. Blood

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