Crude oil futures slip on weak global cues

New Delhi: Crude oil futures fell by Rs 32 to Rs 4,297 per barrel on Wednesday after participants reduced positions, tracking a subdued trend in global markets.

On the Multi Commodity Exchange, crude oil for December delivery dropped by Rs 32, or 0.74 percent, to Rs 4,297 per barrel with a business volume of 14,733 lots.

Crude oil for January delivery was quoting lower by Rs 28, or 0.65 percent, at Rs 4,304 per barrel with an open interest of 4,410 lots.

Analysts said the fall in crude oil futures was mostly due to the trimming of positions by traders amid weak global cues.

Globally, West Texas Intermediate crude oil was trading 0.71 percent lower at USD 60.51 per barrel.

Meanwhile, Brent Crude, the international benchmark, slipped 0.50 percent to trade at USD 65.77 per barrel in New York.