NEW DELHI, Oct 8: Crude oil futures fell 1.23 per cent to Rs 5,400 per barrel today after speculators reduced exposures amidst a weak trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in November fell sharply by Rs 67, or 1.23 per cent, to Rs 5,400 per barrel in 454 lots.
Oil for October delivery moved down by Rs 66, or 1.22 per cent, to Rs 5,419 per barrel with a turnover of 3,709 lots.
The sentiment turned weak in futures trade largely in line with a weak trend in Asia on demand concerns after the International Monetary Fund (IMF) cut its global economic growth forecasts, analysts said.
Meanwhile, West Texas Intermediate crude oil for November delivery was down 35 cents at a 17-month low of USD 88.50 a barrel in late-morning trade and Brent crude eased 36 cents to USD 91.75 – lows not seen since mid-2012. Both contracts had tumbled yesterday. (PTI)
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