Crude futures declined 0.63% to Rs 6,002 per barrel today as speculators cut out positions despite a firming trend during early Asian trade.
At 03:00 PM on MCX, crude for December delivery fell by 42 rupees, or 0.63% to 5,996 rupees per barrel in 864 lots.
Similarly, the oil for delivery in January next year moved by Rs 30, or 0.49%, to Rs 6,059 per barrel in 80 lots.
Market observers said that the cut of positions by speculators mainly exert pressure on the crude oil futures trading, but a firming trend in Asian markets as investors focused on policy meeting of Fed U.S. this week for clues about its long awaited pullback stimulus covered the losses.
Globally, crude for January delivery was up 4 cents to U.S. $ 96.66 a barrel on the New York Mercantile Exchange in mid-morning trade today.
Reported PTI News: Economic Times