MCX Crude futures prices today declined by 0.94 per cent to Rs 6,111 per barrel after speculators indulged in reducing positions triggered by weak Chinese data.
Decreasing demand in China is estimates crude oil prices have fallen. NYMEX crude oil is trading below $ 98.
At 12:30 PM, on MCX, crude oil for delivery in February decline Rs 57, or 0.94 per cent, to Rs 6,111 per barrel.
Meanwhile, today’s dollar gained the rupee against light.
Similarly, the oil for March delivery moved down by Rs 39, or 0.63 per cent, to Rs 6,120 per barrel in 140 lots.
The trading sentiment weakened in trading futures as oil prices fell in Asian trade as data showing weakness in manufacturing activity in China fueled concerns about energy demand in the world’s second largest economy, said marketmen.
Meanwhile, crude oil for March delivery eased 51 cents at $96.98 a barrel on the New York Mercantile Exchange in mid-morning trade today.
Reported News Source: PTI Economic Times