Crude oil futures slip over 2 pc on weak global cues

New Delhi, Jan 27 () Crude oil futures on Monday fell by Rs 86 to Rs 3,787 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 86, or 2.22 per cent, to Rs 3,787 per barrel with a business volume of 24,765 lots.

Crude oil for March delivery was quoting lower by Rs 82, or 2.11 per cent, at Rs 3,807 per barrel with an open interest of 859 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 2.45 per cent lower at USD 52.86 per barrel.

Brent Crude, the international benchmark, dropped 2.29 per cent to trade at USD 59.30 per barrel in New York. VHP RUJ RUJ