Business

Crude oil falls 0.87 percent amid weakens in overseas trend

Krishna Mali
By: Krishna Mali

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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.

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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.

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Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.
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