Crude oil falls 0.87 percent amid weakens in overseas trend

Crude oil prices plunged 0.87 percent to Rs 4,435 per barrel on April 11 as speculators reduced bets amid a weakening trend overseas. On the Multi Commodity Exchange, crude for delivery in April fell by Rs 39, or 0.87 percent, to trade at Rs 4,435 per barrel in a business turnover of 23,652 lots.

Similarly, oil for delivery May moved down by Rs 31, or 0.69 percent, to Rs 4,461 per barrel in 2,614 lots.

Analysts said trading sentiments at futures trade dampened on signs of rising crude stockpiles in the US, coupled with reports of a global slowdown.

Meanwhile, West Texas Intermediate (WTI) crude fell 0.53 percent to USD 64.27 per barrel, while Brent crude fell 0.40 percent to USD 71.44 a barrel on the New York Mercantile Exchange.