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Crude oil futures fell by Rs 96 to Rs 3,217 per barrel today as speculators reduced positions amid a weakening trend in Asian trade ahead of US stockpile report.
At the Multi Commodity Exchange, crude oil for delivery in March dropped by Rs 96, or 2.90%, to Rs 3,217 per barrel in 4,452 lots.
In a likewise manner, oil for February delivery moved down by Rs 91, or 2.80%, to Rs 3,154 per barrel in 4,493 lots.
The trading sentiment dampened at futures trade after crude oil prices retreated in Asian trade today ahead of the release of a closely watched report that is forecast to show a surge in US stockpiles to 33-year high, adding to a global supply glut, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude eased $1.46 to $50.68, while Brent crude fell 98 cents to $69.55 a barrel on the New York Mercantile Exchange.
