Crude oil extended its losses at the futures trade today with the prices falling by 0.4 per cent to Rs 6,242 per barrel, as speculators engaged in trimming positions amid a weak trend in Asian trade.
On the Multi Commodity Exchange, crude oil for delivery in August shed Rs 25 or 0.4 per cent to Rs 6,242 per barrel in 3,902 lots. Similarly, September contracts moved down by Rs 23 or 0.37 per cent to trade at Rs 6,207 per barrel in 220 lots.
Analysts attributed the further fall in crude oil at the futures trade to a weak trend in Asian trade on mounting concerns about an economic slowdown in China, with the strong US dollar also putting pressure on prices.
Meanwhile, crude oil for September delivery dropped 57 cents to $104.82 a barrel on the New York Mercantile Exchange.
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.