Crude oil futures were down 1.23 per cent at Rs 2,802 per barrel today after speculators trimmed positions in tandem with a weak trend in Asian trade.
On the Multi Commodity Exchange, crude oil for delivery in September shed Rs 35 or 1.23 per cent to Rs 2,802 per barrel with a business volume of 1,869 lots.
Similarly, the oil prices for August delivery also moved down by Rs 34 or 1.22 per cent to Rs 2,745 per barrel with a business volume of 5,282 lots.
Marketmen said the fall in crude oil futures was mostly in line with a weak trend in Asia, weighed down by strengthening of dollar as concerns about weakening demand in China added to expectations that global oversupply will last for years.
Meanwhile, West Texas Intermediate crude oil for delivery in September was down 7 cents at $41.80, while Brent crude for October delivery gave up 13 cents to $48.61 a barrel in late morning trade on the New York Mercantile Exchange.