Crude oil futures fall sharply ahead of US Jobs data

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Crude oil futures fall sharply ahead of US Jobs data
Crude oil futures fell to Rs 4,043 per barrel (bbl) today as speculators are at the brink of reducing their holdings amid fears that US demand would shrink on account of weaker-than-expected job claims.

At the Multi Commodity Exchange, crude for delivery in September opened at Rs 4,081 per bbl and then took an about turn. It was trading between Rs 4,046 – Rs 4,047 per bbl around 2:44 pm IST.

Similarly, crude for delivery in far-month February opened at Rs 4,234 per bbl and was trading in the range of Rs 4,202 – Rs 4,211 per bbl same time.

The fall in crude oil prices in futures is in line with weakening trend in global markets.

US is the world's biggest consumer of crude, so traders are speculating that weak job claims data could affect its demand further.

Market analysts said the weakening trend in the global market on fears that a slowdown of the global economy will undermine crude demand put pressure on oil prices in futures trade further.

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