New Delhi: Amid a weak trend overseas, crude oil futures declined by 0.61 percent to Rs 4,700 per barrel on Thursday as participants reduced their positions.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 29, or 0.61 percent, to Rs 4,700 per barrel, with a business volume of 12,361 lots.
Similarly, oil prices for January delivery moved down by Rs 27, or 0.56 percent, to Rs 4,761 per barrel, with a turnover of 2,507 lots.
Marketmen said the fall in crude oil futures prices was in line with a weakening trend in Asia after the Organisation of Petroleum Exporting Countries (OPEC) warned of an oversupply as uncertainty surrounds the outlook for the global economy, analysts said.
Meanwhile, crude oil for delivery in January was down 19 cents to USD 86.58 a barrel on the New York Mercantile Exchange.


Latest News  from Business News Desk