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16-Apr2019

Crude oil futures trade tad lower on weak global trend

Crude oil futures declined marginally on MCX, as speculators reduced their bets amid a weak trend overseas due to expected build in US crude inventories and concern about the strength of the US economy. Further, Crude oil prices weakened overseas on the prospect of Russia and OPEC boosting production to fight for market share with the United States.

The contract for April delivery was trading at Rs 4402.00, down by 0.02% or Rs 1.00 from its previous closing of Rs 4403.00. The open interest of the contract stood at 18716 lots.

The contract for May delivery was trading at Rs 4429.00, down by 0.09% or Rs 4.00 from its previous closing of Rs 4433.00. The open interest of the contract stood at 3329 lots on MCX.


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