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Commodities

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Commodities Energy

Crude oil sheds 1% on MCX as speculators offload
Press Trust of India / New Delhi Feb 02, 2012, 14:53
 

Tracking a weakening global trend, crude oil prices fell by Rs 39 to Rs 4,822 per barrel in futures trade today as speculators offloaded their positions.

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At the Multi Commodity Exchange, crude oil for delivery in February fell by Rs 39, or 0.80%, to Rs 4,822 per barrel, with a business turnover of 27,741 lots.

March crude traded lower by the same margin to Rs 4,863 per barrel, with a business turnover of 2,381 lots.

Market analysts said speculators offloaded their position on the back of a weakening global trend, which mainly led to fall in crude oil futures prices.

Meanwhile, crude for March delivery was down one cent at $97.60 a barrel on the New York Mercantile Exchange.

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