Crude oil prices declined 0.72 per cent to Rs 3,303 per barrel at the futures market today as speculators trimmed their positions, tracking a weak trend in the Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in June fell Rs 24 or 0.72 per cent to Rs 3,303 per barrel in a business turnover of 7,359 lots.
Likewise, the oil for delivery in far-month July traded lower by Rs 24 or 0.71 per cent to RS 3,346 per barrel in 208 lots.
Trading sentiment turned bearish after oil prices dipped in Asia today, pulling back further from the psychological $50-level as traders took profit and expectations of tighter global supply receded.
Meanwhile, at about 0815 hours IST, US benchmark West Texas Intermediate for July delivery was down 29 cents at $49.19 a barrel, while Brent North Sea crude, the European standard, was 33 cents lower at $49.26.
Oil prices had topped $50 a barrel for the first time this year yesterday following production disruptions in Canada and Nigeria as well as a drop in US crude inventories.