Crude oil futures ease on weak global cues

Crude oil futures on Monday fell over 2 per cent to Rs 3,761 per barrel as speculators trimmed positions tracking weak trend overseas. On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 98, or 2.54 per cent, to Rs 3,761 per barrel with a business volume of 34,936 lots.

Crude oil for April delivery was quoting lower by Rs 92, or 2.37 per cent, to Rs 3,789 per barrel with an open interest of 740 lots.

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

Globally, West Texas Intermediate crude oil fell 2.27 per cent at $52.17 per barrel.

While Brent Crude, the international benchmark, fell 2.41 per cent to trade at $57.09 per barrel in New York.