 "Crude oil down 0.5% on weak Asian cues")
Crude oil futures today fell 0.52 per cent to Rs 3,082 per barrel as speculators trimmed their positions amid a weak trend in Asian trade.
At Multi Commodity Exchange, crude oil for delivery in August contracts was trading down by Rs 16 or 0.52 per cent at Rs 3,082 per barrel in a business turnover of 2,526 lots.
Besides, oil for far-month September delivery moved down Rs 15 or 0.48 per cent to Rs 3,134 per barrel in 108 lots.
A strong dollar and signs of increasing US oil production added pressure on oil prices which have already been depressed due to global crude oversupply, they added.
Meanwhile, West Texas Intermediate crude for September delivery eased 16 cents to USD 47.98 while Brent for September tumbled 9 cents to USD 54.53 a barrel in late-morning trade at the New York Mercantile Exchange.
At Multi Commodity Exchange, crude oil for delivery in August contracts was trading down by Rs 16 or 0.52 per cent at Rs 3,082 per barrel in a business turnover of 2,526 lots.
Besides, oil for far-month September delivery moved down Rs 15 or 0.48 per cent to Rs 3,134 per barrel in 108 lots.
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Analysts said fall in crude was mostly due to a weak trend in Asia and slump in the manufacturing sector in China, the world's top energy consuming nation.
A strong dollar and signs of increasing US oil production added pressure on oil prices which have already been depressed due to global crude oversupply, they added.
Meanwhile, West Texas Intermediate crude for September delivery eased 16 cents to USD 47.98 while Brent for September tumbled 9 cents to USD 54.53 a barrel in late-morning trade at the New York Mercantile Exchange.