Crude oil futures eased 0.22 per cent to Rs 4,507 per barrel today as speculators reduced positions amid a weakening trend in Asian markets.
At Multi Commodity Exchange, crude oil for delivery in June traded Rs 10 or 0.22 per cent lower, at Rs 4,507 per barrel in 2,252 lots.
Oil for July delivery contracts also moved down by Rs 6, or 0.13 per cent, to Rs 4,519 per barrel in 43 lots.
The trading sentiment dampened in futures trade after oil lost more ground on pressure from record US production and expectations of higher OPEC output, analysts said.
US crude production has been rising to record-high levels since late last year. In March it jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration (EIA) said yesterday.
Meanwhile, West Texas Intermediate (WTI) crude was down 17 cents, or 0.25 per cent, to USD 66.87, while Brent crude eased 8 cents, or 0.10 per cent, to USD 77.48 a barrel on the New York Mercantile Exchange.
Disclaimer: No Business Standard Journalist was involved in creation of this content
