Crude oil futures slip over 1 pc on weak global cues

New Delhi, Feb 18 () Crude oil futures on Tuesday fell by Rs 44 to Rs 3,692 per barrel after participants reduced positions tracking weak trend overseas.

On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 44, or 1.18 per cent, to Rs 3,692 per barrel with a business volume of 32,460 lots.

Crude oil for March delivery was quoting lower by Rs 43, or 1.14 per cent, to Rs 3,723 per barrel with an open interest of 3,496 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 fell 0.67 per cent at USD 51.70 per barrel.

While Brent Crude, the international benchmark, fell 1.02 per cent to trade at USD 57.08 per barrel in New York. VHP SHWSHW