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Crude oil futures down on Asian cues

business Updated: Jul 16, 2012 12:03 IST

Crude oil futures prices fell 0.35% to Rs 4,774 a barrel on Monday as speculators trimmed positions, amid weak trend in Asian trade.

At the multi commodity exchange, crude oil for delivery in July fell by Rs 17, or 0.35%, to Rs 4,774 per barrel, with a business volume of 4,587 lots.

Similarly, the oil for August delivery moved down by Rs 15, or 0.31%, to Rs 4,819 per barrel, with a turnover of 91 lots.

Marketmen said the fall in crude oil futures prices was mostly due to a weak trend in the Asian trade after Saudi Arabia and the UAE opened crude pipelines bypassing the Strait of Hormuz, which Iran has repeatedly threatened to close.

Meanwhile, crude oil for delivery in August was down $34 cents to $86.76 a barrel on the New York mercantile exchange.