Crude oil futures eased 0.91 per cent to Rs 5,029 per barrel today as speculators reduced their positions owing to a weak trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in July traded down by Rs 46 or 0.91 per cent at Rs 5,029 per barrel in 3,142 lots. Oil for August delivery also moved down Rs 35 or 0.70 per cent to Rs 4,947 per barrel in 70 lots.
Meanwhile, West Texas Intermediate (WTI) crude was trading down 39 cents, or 0.50 per cent, at $ 73.06, while Brent crude eased 31 cents, or 0.40 per cent, to $77.54 a barrel on the New York Mercantile Exchange.
US light crude oil was 20 cents lower at $73.25 a barrel at 0730 GMT. On Thursday, the contract hit its highest since November 2014 at $74.03 per barrel.
Brent crude was unchanged at $77.85 a barrel.
The trade disputes between the United States on one side and major economies including China, India and the European Union on the other are beginning to cloud the outlook for global economic growth.
Traders worry that tariffs on exports, including US crude oil, will hamper the flow of goods and stall trading and eventually hit demand for oil.
Commodities brokerage Marex Spectron said this week that the macroeconomic outlook was “overwhelmingly bearish”.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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