Crude down 3.86% on on lower fuel demand forecast | business | Hindustan Times
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Crude down 3.86% on on lower fuel demand forecast

business Updated: Jan 20, 2009 03:45 IST

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Crude oil fell 3.86 per cent in futures trading on Monday on speculative selling on weak global cues after forecasts that faltering global economic growth will drive down the fuel demand.

On the Multi Commodity Exchange (MCX), far-month June contract suffered the most with a fall of 3.86 per cent at Rs 2,640 per barrel with a business turnover of 20 lots.

March-month contract also moved down by 0.99 per cent to Rs 2,300 per barrel, in a turnover of 129 lots, while April month contract shed 0.97 per cent at Rs 2,460 per barrel in a restricted business volume of 2 barrel.

Market experts attributed fall in crude oil prices at domestic markets to reports that global oil demand will shrink 0.6 per cent to 85.3 million barrels a day this year, the first two-year decline since 1983, the International Energy Agency said.

Meanwhile, New York's main contract, light sweet crude for February delivery, fell 31 cents to USD 36.20 a barrel on the New York Mercantile Exchange.