Crude oil futures slip 0.29% on global cues

Crude oil futures slipped 0.29 percent to Rs 4,465 per barrel today, in step with a weak trend in Asia, as traders cut down their exposure. Crude oil for delivery in the current month fell by Rs 13, or 0.29 percent, to Rs 4,465 per barrel, with a business volume of 1,551 lots at the Multi Commodity Exchange (MCX).

Also, oil prices for July delivery moved down Rs 10, or 0.22 percent, to trade at Rs 4,479 per barrel, with a business volume of 51 lots.

Analysts said the fall in crude oil futures was mostly in tune with a weak trend in Asian trade, pulled down by rising supplies in the US and expectations that voluntary production cuts led by producer cartel OPEC could be loosened.

The US benchmark West Texas Intermediate fell 44 cents, or 0.7 percent to $ 65.92, while Brent, the international benchmark for oil prices, was 39 cents, or 0.5 percent lower at $ 75.49 a barrel.