Crude oil prices fell by 0.38 per cent to Rs 4,772 per barrel at the futures trade today, extending Tuesday’s losses, after it retreated from a 29-month high in the global market.
At the Multi Commodity Exchange, crude oil for delivery in April shed Rs 18 or 0.38 per cent to Rs 4,772 per barrel with an open interest of 28 lots. March contract also fell by Rs 16 or 0.34 per cent to Rs 4,709 per barrel with an open interest of 43 lots.
Analysts attributed the fall in crude oil futures prices to a weakening trend overseas as members of the Organisation of Petroleum Exporting Countries (OPEC) discussed whether or not to hold a special meeting to consider increasing the production.
Meanwhile, crude for delivery in April fell by 0.4 per cent to $105.02 a barrel in electronic trading on the New York Mercantile Exchange, retreating from the highest level since September 2008.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.