Crude oil futures fell Rs 19 to Rs 2,941 per barrel today as speculators offloaded bets amid a weak trend in Asian markets.
Trading sentiment turned weak at the futures trade after oil prices eased in Asia today with analysts expecting volatility in the run-up to a producers’ meeting next week, while traders are also awaiting the release of US stockpiles data, marketmen said.
The commodity had plunged last week on supply glut worries but bounced back slightly yesterday after OPEC member Venezuela said a deal to limit output was close. Unrest in key producing countries of Libya and Nigeria also raised hopes that their exports could be hit.
At the Multi Commodity Exchange, crude oil for delivery in October fell Rs 19 or 0.64 per cent, to Rs 2,941 per barrel in 4,305 lots.
The oil for November delivery was down Rs 18 or 0.6 per cent at Rs 3,007 per barrel in a volume of 116 lots.
Meanwhile, West Texas Intermediate (WTI) crude oil eased 22 cents to $43.08 a barrel, while Brent dipped 14 cents to $45.81 per barrel.