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Crude oil futures fell Rs 42 to Rs 2,111 per barrel today as speculators cut down their bets amid weak cues from the Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in February was trading lower by Rs 42 or 1.95 per cent to Rs 2,111 per barrel in 2,817 lots.
On similar lines, crude for delivery in March was trading lower by Rs 35 or 1.54 per cent to Rs 2,243 per barrel in a business volume of 159 lots.
Analysts said trading sentiment remained weak after world oil prices extended losses in Asia today on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen.
Globally, West Texas Intermediate (WTI) crude oil for March delivery was down 50 cents or 1.58 per cent at $31.12 a barrel, while Brent for April delivery tumbled 45 cents or 1.31 per cent to $33.79 a barrel on the New York Mercantile Exchange.
Both contracts had settled lower yesterday.
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