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
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.
The trading sentiment dampened in futures trade after oil prices edged down in Asia today amid continued speculation on whether producers will agree to limit output at talks in Algeria this week, analysts said.
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.