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Crude oil futures fell Rs 96 to Rs 3,217 per barrel today as speculators reduced positions amid a weak trend in Asian trade ahead of US stockpile report.
On the Multi Commodity Exchange, crude oil for delivery in March dropped by Rs 96 or 2.9 per cent to Rs 3,217 per barrel in 4,452 lots.
Similarly, the oil for February delivery moved down by Rs 91 or 2.8 per cent to Rs 3,154 per barrel in 4,493 lots.
Trading sentiment dampened at the futures trade after crude oil prices retreated in Asia today ahead of the release of a closely watched report that is forecast to show a surge in US stockpiles to 33-year high, adding to a global supply glut, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude eased $1.46 to $50.68, while Brent crude fell 98 cents to $69.55 a barrel on the New York Mercantile Exchange.
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