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Crude oil futures fell by 0.89% to Rs 3,110 per barrel today as speculators trimmed positions amidst a weak trend in Asian markets.
The trading sentiment turned weak in futures trade following fall in crude oil prices in Asian markets on a stronger US dollar and ongoing concern about swelling US inventories that are adding to a global supply glut, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in March shed Rs 28, or 0.89%, to Rs 3,110 per barrel in 1,585 lots.
The oil for August delivery fell by Rs 27, or 0.82%, to Rs 3,251 per barrel in a volume of 223 lots.
Meanwhile, West Texas Intermediate (WTI) crude oil was down by 20 cents to $49.41 while Brent shed 39 cents to $59.34 per barrel in late morning trade on New York Mercantile Exchange.
