Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: Crude futures drop on weak global markets

Crude futures drop on weak global markets
================================================================================
newsbyte on 10 June, 2008 05:59:32
 
Crude oil prices pared gains in futures trading on Tuesday as traders reduced
their holdings in line with declining global markets.
Crude for June contract dropped by 1.56 per cent to Rs 5,732 per barrel on the
Multi Commodity Exchange as oil prices moved down in global markets after Saudi
Arabia, the world's leading oil producer, called for a meeting with consumer
nations on surging prices.
The July contract fell by 1.46 to Rs 5,733 per barrel on the MCX, and August
contract by 1.44 per cent at Rs 5,730 per barrel.
In the US, the July contract was down 22 cents at 134.13 dollar a barrel on the
New York Mercantile Exchange.
The contract earlier climbed to a record 139.12 dollar on June 6.
Saudi Arabia on Monday called for talks with consumer nations soaring oil
prices and expressed its readiness to meet any increase in demand.