Crude oil futures trade lower on weak Asian cues

Crude oil futures traded lower on MCX as speculators reduced exposures amid a weak trend in Asian trade. The sentiments weakened further as the dealers anticipating Gulf members of the OPEC cartel to reject production cuts unless they are guaranteed market shares. The contract for December delivery was trading Rs 4665.00, down by 0.38% or Rs 18.00 from its previous closing of Rs 4683.00. The open interest of the contract stood at 16711.00 lots. The contract for January delivery was trading at Rs 4699.00, down by 0.38% or Rs 18.00 from its previous closing of Rs 4717.00. The open interest of the contract stood at 1133.00 lots on MCX.