Crude oil prices eased by 0.09 per cent to Rs 4,673 per barrel in futures trade today as speculators cut bets, driven by a weak trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in September declined by Rs 4, or 0.09 per cent to Rs 4,673 per barrel in a business turnover of 8 lots.
Likewise, the oil for delivery in August contracts was trading lower by Rs 3, or 0.06 per cent, to Rs 4,741 per barrel in 1,255 lots.
Analysts said sentiment turned bearish after oil prices edged lower in global markets after strong gains the previous day, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers.
Globally, Brent fell 13 cents, or 0.20 per cent, to USD 73.32 a barrel while West Texas Intermediate (WTI) crude oil shed 5 cents, or 0.03 per cent to USD 68.91 a barrel, on the New York Mercantile Exchange.