Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
Crude oil futures on Monday fell by Rs 34 to Rs 4,042 per barrel after participants reduced positions, tracking a weak trend in global markets.
Analysts said that the fall in crude oil futures was mostly due to trimming of positions by traders, in line with weak global cues.
On the Multi Commodity Exchange, crude oil prices for November delivery dropped by Rs 34, or 0.83 per cent, to Rs 4,042 per barrel with a business volume of 20,411 lots.
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Similarly, crude oil for December delivery was quoting lower by Rs 29, or 0.71 per cent, at Rs 4,057 per barrel with an open interest of 353 lots.
Globally, West Texas Intermediate crude oil was trading 1.03 per cent lower at USD 56.65 per barrel, while international benchmark Brent Crude traded down by 1.02 per cent at USD 61.87 per barrel in New York.
(With input from agencies)
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