Crude oil softened by 0.16 per cent to Rs 3,099 per barrel in futures trade today as speculators trimmed positions, taking weak cues from the Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in August month declined by Rs 5, or 0.16 per cent to Rs 3,099 per barrel in business turnover of 9,901 lots.
On similar lines, crude for delivery in far-month September contracts shed Rs 4, or 0.13 per cent to Rs 3,155 per barrel in 862 lots.
Analysts said trading sentiment weakened after oil prices oil prices fell in Asia today as investors booked profits from recent gains, but stayed above USD 46 on hopes producers would decide to freeze output at a meeting next month.
Globally, At around 0400 GMT, US benchmark West Texas Intermediate for delivery in September was down 25 cents, or 0.54 per cent, at USD 46.33 and Brent crude for October fell 35 cents, or 0.75 per cent, to USD 48.88 a barrel.
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