Crude oil declines by 0.5% on weak Asian cues

Crude oil futures fell by 0.47% to Rs 3,410 per barrel today as speculators indulged in trimming positions amidst a weak trend in Asian markets.

Trading sentiments turned weak in futures trade following fall in crude oil prices in Asian markets on profit-booking after the previous day's sharp gains, with traders expecting another rise in US inventories, analysts said.

At the Multi Commodity Exchange, crude oil for delivery in May shed Rs 16, or 0.47%, to Rs 3,410 per barrel in 78 lots.

The oil for April delivery fell by Rs 15, or 0.45%, to Rs 3,310 per barrel in a volume of 839 lots.

Meanwhile, West Texas Intermediate (WTI) crude oil for May delivery declined by$1.03 to$52.95 a barrel, while Brent crude for May contracts dipped 64 cents to$58.46 per barrel in late-morning trade on the New York Mercantile Exchange.