Weak economic cues weigh on Crude oil futures as prices are failing to sustain at higher level. The commodity also suffered following tepid fund buying. Chinas industrial production advanced at a tepid pace of 5.4% year-on-year in April, following Marchs 8.5 percent increase. This made oil prices extend losses in Asian trades and WTI Crude currently trade at $ 61.38 per barrel, down 0.62% on the day. MCX Crude oil futures closed at Rs 4354 per barrel, up 1% on the day but should slide in early moves today.
Data out yesterday showed that Euro area industrial production fell in March with big declines in most of the single currency blocs largest economies. According to Eurostat, industrial production in the Eurozone dipped by 0.3% month-on-month and by 0.6% year-on-year. Germanys economic sentiment weakened in May, survey data from the ZEW-Leibniz Centre for European Economic Research showed on Tuesday. The economic sentiment index fell to -2.1 in May from +3.1 in April. The current conditions index rose more-than-expected to 8.2 from 5.5 points a month ago.