Crude oil futures plunge on subdued global cues
On the Multi Commodity Exchange, crude oil for delivery in November dropped by Rs 16, or 0.42 per cent, to Rs 3,794 per barrel.
![Though Dubai depends less on oil income, fluctuations in crude oil prices have affected all sectors of its economy. The slowdown took its toll on the small and unorganised sectors in the form of unpaid outstanding dues for companies, unpaid wages for workers and large scale job losses. Though Dubai depends less on oil income, fluctuations in crude oil prices have affected all sectors of its economy. The slowdown took its toll on the small and unorganised sectors in the form of unpaid outstanding dues for companies, unpaid wages for workers and large scale job losses.](https://s3.ap-southeast-1.amazonaws.com/images.asianage.com/images/aa-Cover-6fdak0ar1lvlr0bp4bjb2h40i3-20180702051152.Medi.jpeg)
On the Multi Commodity Exchange, crude oil contracts for delivery in May gained Rs 48, or 1.13 per cent, to Rs 4,312 per barrel with a business turnover of 17,678 lots.
New Delhi: Crude oil futures declined by Rs 16 at Rs 3,794 per barrel on Tuesday after participants reduced positions tracking a subdued trend in global markets.
On the Multi Commodity Exchange, crude oil for delivery in November dropped by Rs 16, or 0.42 per cent, to Rs 3,794 per barrel in 20,546 lots. Crude oil for December delivery traded lower by Rs 12, or 0.31 per cent, at Rs 3,812 per barrel in 130 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak global cues. Globally, West Texas Intermediate crude oil fell 0.21 per cent to USD 53.20 per barrel and Brent Crude slipped 0.10 per cent to USD 58.90 per barrel in New York.
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