Crude oil futures fell 1.33 per cent to Rs 3,195 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets.
Crude oil for delivery this month was trading lower by Rs 43 or 1.33 per cent at Rs 3,195 per barrel, with a business volume of 6,563 lots at Multi Commodity Exchange (MCX).
Also, oil prices for July delivery was trading Rs 42 or 1.28 per cent down at Rs 3,244 per barrel, with a business volume of 864 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asian trade where it sank for a sixth straight session today, tracking a sell-off across equities with an expected pick up in output adding to worries about the global economy and a weaker-than-forecast fall in US stockpiles.
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The Department of Energy said commercial inventories fell by 900,000 barrels in the week ending June 10, far lower than the 2.33 million predicted, suggesting demand is easing in the world’s top oil consumer.
Meanwhile, West Texas Intermediate for December delivery fell 46 cents or 0.96 per cent to USD 47.55 while Brent was trading lower by 34 cents or 0.69 per cent at USD 48.63 a barrel in Asian trade on the New York Mercantile Exchange.