Comments
Crude oil futures fell sharply by Rs 61 to Rs 2,805 per barrel today as speculators trimmed positions amid a weak trend in Asian markets.
Trading sentiment turned weak following a fall in global crude oil prices on bulging supplies and strengthening dollar, analysts said.
On the Multi Commodity Exchange, crude oil for delivery in March shed Rs 61 or 2.13 per cent to Rs 2,805 per barrel in 24 lots.
Meanwhile, the US Department of Energy had last week said stockpiles have climbed to a fresh record high of 448.9 million barrels.
The oil for April delivery moved down by Rs 55 or 1.81 per cent to Rs 2,981 in a volume of 721 lots.
Globally, West Texas Intermediate (WTI) crude oil fell 47 cents to $44.37 a barrel, while Brent North Sea crude eased 46 cents to $54.21 per barrel in late-morning trade on the New York Mercantile Exchange.
Comments
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.