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Crude oil futures fell Rs 17 to Rs 2,578 per barrel today as speculators offloaded positions amid a weak trend in the Asian markets.
Trading sentiment turned weak in futures trade following fall in crude oil prices in the Asian markets on profit-taking after last week’s rise and Iran’s move not to join a proposed output freeze by crude producers, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in March dropped Rs 17 or 0.66 per cent to Rs 2,595 per barrel in 1,538 lots.
The oil for April delivery fell Rs 11 or 0.41 per cent to Rs 2,699 per barrel in a volume of 72 lots.
Meanwhile, US benchmark West Texas Intermediate (WTI) crude oil for April eased by 19 cents to USD 38.31 and Brent curde for May was down two cents at USD 40.37 a barrel.
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