Crude oil drifted down by 0.95 per cent to Rs 4,704 per barrel in futures market today as speculators cut positions amid a subdued trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in May fell by Rs 45, or 0.95 per cent to Rs 4,704 per barrel in business turnover of 5,805 lots.
Similarly, the oil for delivery in June traded lower by Rs 44, or 0.93 per cent to Rs 4,712 per barrel in 198 lots.
Sentiment turned bearish on the back of a weak trend overseas where oil prices retreated from 3-1/2 year highs today as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran.
Meanwhile, West Texas Intermediate (WTI) crude was trading down 87 cents, or 1.23 per cent, to USD 69.86, while Brent crude shed 77 cents, or 0.1.01 per cent, to USD 75.40 a barrel on the New York Mercantile Exchange.