 "Crude oil futures decline on weak Asian cues")
Crude oil futures fell 1.02% to Rs 3,100 per barrel today as speculators reduced their positions amid a weakening trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in August month contracts shed Rs 32, or 1.02%, to Rs 3,100 per barrel in 3,261 lots.
The oil for delivery in far-month September contracts also fell by Rs 28, or 0.88% to trade at Rs 3,147 per barrel in 187 lots.
Meanwhile, West Texas Intermediate (WTI) crude for September delivery was down 36 cents to $48.16 while Brent crude for September 29 cents to $53.02 a barrel at the New York Mercantile Exchange in mid-morning trade today.
At the Multi Commodity Exchange, crude oil for delivery in August month contracts shed Rs 32, or 1.02%, to Rs 3,100 per barrel in 3,261 lots.
The oil for delivery in far-month September contracts also fell by Rs 28, or 0.88% to trade at Rs 3,147 per barrel in 187 lots.
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The trading sentiment dampened at futures trade as crude oil prices extended their decline in Asian trade after the OPEC cartel indicated that current lofty output levels will remain, while a stronger dollar is also causing downward pressure, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for September delivery was down 36 cents to $48.16 while Brent crude for September 29 cents to $53.02 a barrel at the New York Mercantile Exchange in mid-morning trade today.