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Crude oil futures eased by 0.26 per cent to Rs 3,063 per barrel today as speculators reduced positions amid a weak trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in far-month December traded lower by Rs 8 or 0.26 per cent lower at Rs 3,063 per barrel in 404 lots.
Similarly, the oil for November delivery also moved down Rs 5 or 0.17 per cent to Rs 2,993 per barrel in 7,123 lots.
Trading sentiment dampened at the futures trade after oil prices tumbled in Asia today, cutting short a rally the day before after hints of an interest rate hike in December by the US Federal Reserve boosted the dollar, analysts said.
Prices rose yesterday after the US Department of Energy said the country’s commercial crude stockpiles had increased less than expected, suggesting stronger demand in the world’s top oil consuming nation.
Meanwhile, West Texas Intermediate (WTI) crude for December delivery was down 16 cents at $45.78, while Brent crude for December eased 21 cents to $48.84 a barrel in late-morning trade on the New York Mercantile Exchange.
US oil prices jumped more than six per cent in yesterday’s session after news domestic crude supplies rose less than expected in the week ending October 23.
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