Crude oil futures fell by 0.67 per cent to Rs 3,115 a barrel today as speculators reduced positions amid a weakening trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in November traded at Rs 21, or 0.67 per cent lower, at Rs 3,115 a barrel in 184 lots.
Oil for October delivery also moved down Rs 20, or 0.65 per cent, to Rs 3,063 per barrel in 4,786 lots.
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Members of the Organization of the Petroleum Exporting Countries will meet Wednesday with key non-OPEC producer Russia on the sidelines of the International Energy Forum in Algiers.
They are expected to discuss ways to stabilise prices that have been depressed since 2014 amid a stubborn supply glut, with hopes that producers might agree on a production cap.
Meanwhile, West Texas Intermediate (WTI) crude for November delivery was down nine cents to USD 45.84, while Brent crude was down 19 cents to USD 47.16 a barrel on the New York Mercantile Exchange. Prices had jumped around 3 per cent yesterday.
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