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Crude futures declines on weak global cues

Crude oil prices on Tuesday fell in futures markets as traders refrained from enlarging their positions in view of a weakening trend in the global markets.

business Updated: Aug 19, 2008 14:44 IST

Crude oil prices on Tuesday fell in futures markets as traders refrained from enlarging their positions in view of a weakening trend in the global markets.

At 1230 hrs, crude oil for the near-month September contract was down by 1.70 per cent at Rs 4,868 per barrel on the Multi Commodity Exchange. It recorded a business volume of 3,207 lots.

Similarly, October contract declined by 1.65 per cent at Rs 4,889 with a trading volume of 61 lots.

Traders said, sentiments on the domestic futures market turned bearish as crude oil fell to $ 112 a barrel on the New York Mercantile Exchange.

Crude oil fell for a fourth day in New York on forecasts that Tropical Storm Fay will miss rigs and platforms in the Gulf of Mexico, which accounts for about a fifth of the total US production.