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Crude oil futures fell Rs 8 to Rs 2,182 per barrel today as speculators trimmed their positions amid weak cues from the Asian markets where it dipped to over 12-year low.
At the Multi Commodity Exchange, crude oil for delivery in February shed Rs 8 or 0.37 per cent to Rs 2,182 per barrel in 534 lots.
On similar lines, crude oil for delivery in January was trading lower by Rs 5 or 0.24 per cent to Rs 2,084 per barrel in a business volume of 3,979 lots.
Analysts said the trading sentiment remained weak as oil prices tumbled below $31 a barrel in Asian trade today, extending a sell-off that has sent the commodity to more than 12-year lows, hit by a global supply glut, a strong dollar and tepid demand.
Globally, West Texas Intermediate (WTI) crude oil for February delivery slumped 45 cents or 1.43 per cent to $30.96 a barrel, while Brent crude tumbled 47 cents or 1.49 per cent to $31.08 a barrel on the New York Mercantile Exchange.
The last time prices were so low for WTI was in December 2003 and April 2004 for Brent. WTI had touched a low of $29.66 in December 2003 and Brent had in April 2004 hit $29.95.
Prices plummeted 10 per cent last week as investors concern grew about the global supply glut and weakness in key market China, which is the world’s biggest energy user.
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