Crude oil futures fell 1 per cent to Rs 3,070 per barrel today, in line with a weak trend in Asian trade as speculators cut down their bets.
Crude oil for delivery in October was trading lower by Rs 31, or 1 per cent, at Rs 3,070 per barrel, with a business volume of 2,845 lots at the Multi Commodity Exchange (MCX).
Also, oil prices for the far-month November delivery were trading down by Rs 30, or 0.95 per cent, at Rs 3,123 per barrel, with a business volume of 118 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asia on profit-taking following two days of solid gains as traders turned their attention to next week’s planned meeting of key producers.
Meanwhile, West Texas Intermediate was down 50 cents to $45.82, while Brent dropped 37 cents to $Multi Commodity Exchange47.28 a barrel on the New York Mercantile Exchange.
Both contracts booked solid gains over the previous two days — WTI surged 6.6 per cent and Brent gained 3.9 per cent — on data showing US commercial crude inventories fell more than six million barrels last week, indicating strong demand in the world’s top oil consumer.
Russia and members of the OPEC oil cartel led by Saudi Arabia will gather in Algeria for three days from Monday and are expected to discuss a stubborn supply glut that has depressed prices since 2014.