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Crude oil futures today fell 0.52 per cent to Rs 3,082 per barrel as speculators trimmed their positions amid a weak trend in Asian trade.
On the Multi Commodity Exchange, crude oil for delivery in August was trading down by Rs 16 or 0.52 per cent at Rs 3,082 per barrel in a business turnover of 2,526 lots.
Besides, oil for far-month September delivery moved down by Rs 15 or 0.48 per cent to Rs 3,134 per barrel in 108 lots.
Analysts said the fall in crude oil futures was mostly due to a weak trend in Asia and slump in the manufacturing sector in China, the world’s top energy consuming nation.
A strong dollar and signs of increasing US oil production added pressure on oil prices which have already been depressed due to global crude oversupply, they added.
Meanwhile, West Texas Intermediate crude for September delivery eased 16 cents to $47.98, while Brent for September tumbled 9 cents to $54.53 a barrel in late-morning trade on the New York Mercantile Exchange.
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