Crude oil futures tumbled by Rs 71 to Rs 3,279 per barrel today as speculators trimmed positions amid a weakening trend in Asian trade.
At the Multi Commodity Exchange, crude for delivery in July dropped Rs 71, or 2.12 per cent, to Rs 3,279 per barrel in 4,853 lots.
Oil for August delivery moved down Rs 70, or 2.06 per cent, to Rs 3,333 per barrel in 789 lots.
The trading sentiments dampened after crude oil prices tumbled further in Asia today on signs of an imminent deal between Iran and western powers that would allow Iranian crude to flow back into the already saturated global market, analysts said.
A strong US currency also made the dollar-priced commodity more expensive, denting demand, they said.
Meanwhile, West Texas Intermediate (WTI) crude for August fell 46 cents to USD 51.74, while Brent crude for August eased 32 cents to USD 57.53 per barrel in late—morning trade on the New York Mercantile Exchange.