Crude oil futures ease on weak global cues

New Delhi, Jan 23 () Crude oil futures on Thursday fell by Rs 77 to Rs 3,971 per barrel after participants reduced positions tracking a weak trend in overseas markets.

On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 77, or 1.9 per cent, to Rs 3,971 per barrel with a business volume of 33,323 lots.

Crude oil for March delivery was quoting lower by Rs 74, or 1.82 per cent, at Rs 3,987 per barrel with an open interest of 838 lots.

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

Globally, West Texas Intermediate crude oil traded 1.87 per cent lower at USD 55.68 per barrel.

Brent Crude, the international benchmark dropped 1.61 per cent to trade at USD 62.19 per barrel in New York. VHP SHW SHW