Crude oil futures down 0.54% on weak Asian cues

New Delhi: Crude oil futures today fell 0.54 per cent to Rs 3,874 per barrel as speculators cut down bets amid a weak trend in Asian trade. At Multi Commodity Exchange, crude oil for delivery in June contracts was trading down by Rs 21, or 0.54 per cent, at Rs 3,874 per barrel in a business turnover of 1,315 lots. Besides, oil for July delivery moved down Rs 20, or 0.51 per cent, to Rs 3,925 per barrel in 66 lots.
The fall in crude prices in futures trade was primarily because of a stronger dollar as traders were concerned about Greece’s troubled debt negotiations while the International Energy Agency’s prediction of demand softening added to the downward pressure, analysts said. Meanwhile, West Texas Intermediate crude for July delivery eased 22 cents to USD 60.55 while Brent for July was down 16 cents to USD 64.95 a barrel in late-morning trade at the New York Mercantile Exchange.