 "Crude oil falls by 0.5%, strained by weak global cues")
Crude oil futures slipped Rs 17 to Rs 3,085 per barrel today, in line with a weak trend in Asian trade, as traders cut down their bets.
Crude oil for delivery in December was trading lower by Rs 17, or 0.55%, at Rs 3,085 per barrel, with a business volume of 133 lots at Multi Commodity Exchange (MCX).
Also, oil prices for November delivery moved down Rs 16, or 0.53%, to trade at Rs 3,012 per barrel, with a business volume of 3,035 lots.
Prices surged on Wednesday driven by bargain-hunting and a below-forecast rise in US commercial crude inventories, but concerns over the supply glut soon resurfaced as output levels remain elevated.
US benchmark West Texas Intermediate fell 23 cents to $45.83 a barrel while Brent crude was trading eight cents lower at $48.72 per barrel.
Crude oil for delivery in December was trading lower by Rs 17, or 0.55%, at Rs 3,085 per barrel, with a business volume of 133 lots at Multi Commodity Exchange (MCX).
Also, oil prices for November delivery moved down Rs 16, or 0.53%, to trade at Rs 3,012 per barrel, with a business volume of 3,035 lots.
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Analysts said the fall in crude oil futures is mostly in step with a sluggish trend in Asian trade as a midweek rally dissipated with no relief in sight to a global crude oversupply.
Prices surged on Wednesday driven by bargain-hunting and a below-forecast rise in US commercial crude inventories, but concerns over the supply glut soon resurfaced as output levels remain elevated.
US benchmark West Texas Intermediate fell 23 cents to $45.83 a barrel while Brent crude was trading eight cents lower at $48.72 per barrel.