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Crude oil declines 0.92% on subdued global cues

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Crude oil prices fell 0.92 per cent to Rs 3,968 per barrel in futures trading Wednesday as speculators reduced bets amid a weakening trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in March fell by Rs 37, or 0.92 per cent, to Rs 3,968 per barrel in a business volume of 15,825 lots.

Analysts said continuous off-loading of holdings by participants in line with a weakening trend in global crude, mainly weighed on crude prices at futures trade here.

The oil for delivery in April, too, lost Rs 34, or 0.84 per cent, to Rs 4,012 per barrel in 793 lots.

The West Texas Intermediate (WTI) crude fell 0.69 per cent to USD 56.17, while Brent crude, the international benchmark shed 0.56 per cent to USD 65.49 per barrel at the New York Mercantile Exchange.



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