Crude oil futures dropped by Rs 47 to Rs 2,889 per barrel today as speculators cut down their bets amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude for delivery in May dropped Rs 47 or 1.60 per cent to Rs 2,889 per barrel in 3,212 lots.
Similarly, the oil for delivery in far-month June moved down Rs 47 or 1.56 per cent to Rs 2,963 per barrel in 127 lots.
Trading sentiments dampened at the futures trade after oil prices fell in Asia today following a report saying Saudi Arabia could maintain its total production capacity with the expansion of an oilfield, fuelling fresh concerns about the global supply glut, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for June fell 61 cents, or 1.39 per cent, to $43.12, while Brent crude for June dropped 50 cents, or 1.11 per cent, to $44.61 per barrel on the New York Mercantile Exchange.