Crude Oil Futures Down On Weak Asian Cues updates for 28 July 2015

Crude oil futures fell 1.15 per cent to Rs 3,093 per barrel today as speculators trimmed positions amid a weakening trend in Asian trade. Crude oil for delivery in far-month September at the Multi Commodity Exchange traded down Rs 36, or 1.15 per cent, at Rs 3,093 per barrel in 207 lots. Similarly,, oil for August delivery moved down by Rs 34, or 1.10 per cent, to Rs 3,045 per barrel in 4,041 lots. The trading sentiment remained weak in futures trade after crude oil prices fell further in Asian trade today after a plunge in Chinese stocks jolted global markets and added to fears about an oversupply of the commodity, analysts said. Meanwhile, West Texas Intermediate (WTI) crude for September delivery eased 43 cents to USD 46.96 while Brent crude for September lost 55 cents to USD 52.92 a barrel at the New York Mercantile Exchange. Shanghai dived 8.48 per cent Monday, its biggest fall in more than eight years, on worries the Chinese government will pull back on support measures put in place at the start of the month to prevent a meltdown in the face of a market rout. The losses continues today, falling four per cent in the morning despite renewed government pledges of support.