Crude oil futures decline nearly 1 pc on weak global cues

New Delhi: Crude oil futures fell nearly 1 per cent to Rs 3,924 per barrel on Wednesday after participants reduced positions tracking a subdued trend in global markets.

On the Multi Commodity Exchange, crude oil for delivery in November dropped by Rs 36, or 0.91 per cent, to Rs 3,924 per barrel with a business volume of 19,919 lots.

For December delivery, crude oil was quoting lower by Rs 36, or 0.9 per cent, to Rs 3,946 per barrel with 822 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak global cues.

Globally, West Texas Intermediate crude oil was trading 0.63 per cent down at USD 55.19 per barrel.

Meanwhile Brent Crude, the international benchmark slipped 0.42 per cent to trade at USD 61.33 per barrel in New York.