Crude oil futures fell by Rs 30 to Rs 2,782 per barrel today as speculators trimmed their position amid a weak trend in the Asian markets.
Trading sentiment weakened, tracking a subdued trend in Asia where oil fell for a third day today after figures showing high US crude stockpiles and increased Saudi production, analysts said.
Official US data yesterday showed a jump in crude inventories, taking by surprise investors who expected a drawdown in supply, pushing prices of the commodity down by 3 per cent overnight.
At the Multi Commodity Exchange, crude oil for delivery in August fell by Rs 30 or 1.07 per cent to Rs 2,782 per barrel in 3,790 lots.
On similar lines, crude for delivery in September was trading lower by Rs 28 or 0.97 per cent to Rs 2,849 per barrel in a business volume of of 281 lots.
Globally, West Texas Intermediate (WTI) crude oil for September delivery fell 19 cents to USD 41.52 a barrel, while Brent crude for October eased by 17 cents to USD 43.88 per barrel on the New York Mercantile Exchange.