Crude oil futures fell 0.29 per cent to Rs 3,116 per barrel today, in line with a weak trend in Asian trade, as speculators indulged in trimming positions.
Crude oil for delivery in September was trading lower by Rs 9 or 0.29 per cent at Rs 3,116 per barrel with a business volume of 6,900 lots at the Multi Commodity Exchange (MCX).
Also, oil prices for October delivery fell Rs 9 or 0.28 per cent at Rs 3,174 per barrel with a business volume of 192 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asian trade where it extended losses after Iran’s oil minister comment that his country planned to boost output ramped up oversupply worries.
Meanwhile, West Texas Intermediate was down one cent to trade at $46.34, while global benchmark Brent was down 6 cents to $48.31 per barrel.