Crude oil futures fall on weak global cues

Crude oil fell Rs 35 to Rs 5,534 per barrel in the futures trade on Thursday, amid weak global trends as oversupply concerns weighed on prices.

On the Multi Commodity Exchange, crude oil futures for February delivery slipped by Rs 35, or 0.63 per cent, to Rs 5,534 per barrel in a business turnover of 14,742 lots.

Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate crude oil was trading 0.74 per cent lower at $60.17 per barrel, while Brent Crude fell 0.75 per cent to $64.75 per barrel in New York.