Crude oil futures soften 4.81 per cent on weak global cues
Analysts said trading sentiments turned weak after oil prices eased in global markets.
![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 sharply Monday by 4.81 per cent to Rs 4,414 per barrel, as speculators cut bets to take profits off the table amid weak global cues.
On the Multi Commodity Exchange (MCX), crude oil for delivery in May contracts fell by Rs 223, or 4.81 per cent, to Rs 4,414 per barrel with a business turnover of 11,120 lots.
Analysts said trading sentiments turned weak after oil prices eased in global markets, and profit-booking by speculators led to a further fall in the prices.
Globally, West Texas Intermediate crude oil was down 0.71 per cent to USD 62.85 a barrel, while brent, the international benchmark, also shed 0.69 per cent to USD 71.65 a barrel.
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