Crude oil futures down at Rs 2,182 per barrel

PTI Updated - January 19, 2018 at 03:30 PM.

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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.

Published on January 12, 2016 05:38