Crude oil futures fell 0.95 per cent to Rs 3,009 a barrel today as speculators reduced their positions amid a weak trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in September traded down at Rs 29 or 0.95 per cent at Rs 3,009 a barrel in 4,136 lots. Oil for October delivery also moved down Rs 17 or 0.55 per cent to Rs 3,073 per barrel in 141 lots.
Trading sentiment dampened at the futures trade after oil prices resumed their downward momentum as dealers were assessing the impact of Hurricane Harvey on the crude-rich Gulf Coast, with dozens of refineries out of action meaning the commodity cannot be processed.
Meanwhile, West Texas Intermediate (WTI) crude was down 27 cents at $46.96, while Brent crude shed 12 cents to $52.74 a barrel on the New York Mercantile Exchange.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.