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Crude oil futures fell Rs 35 to Rs 2,090 per barrel today after traders trimmed positions amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in February was trading down by Rs 35 or 1.65 per cent at Rs 2,090 per barrel in a business volume of 3,018 lots.
Similarly, the oil for March delivery moved down by Rs 35 or 1.53 per cent to Rs 2,260 per barrel in 1,434 lots.
Trading sentiment eased at the futures trade after crude oil prices fell in Asian trade after a sharp rise in the US crude stockpiles and Saudi Arabia’s rejection of proposed output cuts, analysts said.
The about-turn came as the US Energy Department reported a 2.1 million barrel increase in US commercial crude inventories, to the highest in more than eight decades, as well as sizeable increases in gasoline and other refined products.
Meanwhile, West Texas Intermediate (WTI) crude for March delivery fell 296 cents or 0.94 per cent to $30.48, while Brent crude for April delivery tumbled 30 cents or 0.88 per cent to $33.98 a barrel on the New York Mercantile Exchange.
On Wednesday, WTI had jumped more than seven per cent, while Brent added 5.6 per cent, after Saudi and Russia, the two biggest producers in the world, agreed to limit their pumping but only if others followed suit.
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