Crude oil futures prices moved further down by 0.59 per cent at Rs 7,085 per barrel today after speculators reduced positions amid further recovery in rupee value.
However, a firm trend in the Asian region as US President Barack Obama cleared the first legislative hurdle in his race to win congressional backing for military strikes on Syria, capped the losses.
On the Multi Commodity Exchange, crude oil for delivery in September fell Rs 42 or 0.59 per cent to Rs 7,085 per barrel in 2,063 lots. Similarly, the oil for October delivery shed Rs 41 or 0.57 per cent to Rs 7,108 per barrel in a turnover of 289 lots.
Analysts said the fall in crude oil futures was mostly attributed to recovery in rupee value, making dollar-quoted crude cheaper, but a firm trend in the Asian region, limited the losses.
Meanwhile, West Texas Intermediate (WTI) crude for October delivery gained 30 cents to $107.53 per barrel on the New York Mercantile Exchange in mid-morning trade today.