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Crude down 2 pc on weak global cue

Taking cue from weak global markets, crude oil fell 2.47 per cent in futures trading, on speculation that stockpiles in the US has crossed demand.

business Updated: Jan 13, 2009 13:35 IST

Taking cue from weak global markets, crude oil fell 2.47 per cent in futures trading on Tuesday, on speculation that stockpiles in the US has crossed demand.

On the Multi Commodity Exchange (MCX), near month January contract suffered the most with a fall of 2.47 per cent at Rs 1,813 per barrel. The contract clocked turnover of 4,344 lots.

Similarly, February month contract fell 1.30 per cent to 2,128 per barrel, in a turnover of 1,445 lots, while March contract moved down 0.90 per cent to Rs 2,315 per barrel. It clocked business turnover of 74 lots.

Market experts said reports that in the US crude oil stockpiles probably increased by 2.25 million barrels in the week ended January 9, from 325.4 million the previous week, mainly put pressure on the crude oil prices.

Meanwhile, crude oil for February delivery fell as much as 59 cents, or 1.6 per cent, to 37 dollar a barrel on the New York Mercantile Exchange.