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Amid a weak trend overseas, crude oil futures declined 0.61 per cent to Rs 4,700 per barrel today as participants reduced their positions.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 29 or 0.61 per cent to Rs 4,700 per barrel with a business volume of 12,361 lots. Similarly, the oil prices for January contract moved down by Rs 27 or 0.56 per cent 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.
Meanwhile, crude oil for delivery in January was down 19 cents at $86.58 a barrel on the New York Mercantile Exchange.
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