Business

Crude oil fall 2.6% as it trades at 6 year low in Asia

Crude oil futures fell sharply by 2.57% to Rs 2,688 per barrel as speculators indulged in trimming positions amid a weakening trend in Asian trade on expectations that US crude stockpiles will rise further.

At the Multi Commodity Exchange, crude oil for delivery in March tumbled by Rs 71, or 2.57%, to Rs 2,688 per barrel in 8,910 lots.

In a likewise manner, oil for April delivery moved down by Rs 47, or 1.63%, to Rs 2,838 per barrel in 2,180 lots.

Meanwhile, West Texas Intermediate (WTI) crude for April delivery eased 80 cents to $ 42.66, the lowest level since March 2009, while Brent crude for May delivery fell 20 cents to $ 53.31 a barrel in mid-morning trade on the New York Mercantile Exchange in late-morning trade today.