Crude oil futures drop to Rs 3,009 per barrel

New Delhi, Sept 1:  

Crude oil futures fell 0.95 per cent to Rs 3,009 a barrel today as speculators reduced their positions amid a weak trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in September traded down at Rs 29 or 0.95 per cent at Rs 3,009 a barrel in 4,136 lots. Oil for October delivery also moved down Rs 17 or 0.55 per cent to Rs 3,073 per barrel in 141 lots.

Trading sentiment dampened at the futures trade after oil prices resumed their downward momentum as dealers were assessing the impact of Hurricane Harvey on the crude-rich Gulf Coast, with dozens of refineries out of action meaning the commodity cannot be processed.

Meanwhile, West Texas Intermediate (WTI) crude was down 27 cents at $46.96, while Brent crude shed 12 cents to $52.74 a barrel on the New York Mercantile Exchange.

(This article was published on September 1, 2017)

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