Crude oil futures today fell 0.55% to Rs 3,051 per barrel as speculators cut down exposure amid a weak trend in Asian trade.
At Multi Commodity Exchange, crude oil for delivery in November was trading down by Rs 17, or 0.55%, at Rs 3,051 per barrel in a business turnover of 2,233 lots.
Besides, oil contract for December moved down Rs 17, or 0.54%, to Rs 3,124 per barrel in 83 lots.
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The retreat snapped three days of straight gains last week following a decline in US crude production, which boosted hopes that it could help ease a global oversupply that has depressed oil prices for more than a year.
Meanwhile, West Texas Intermediate crude for December delivery eased 19 cents to $46.40 while Brent crude for December was down three cents to $49.53 a barrel at the New York Mercantile Exchange.