Crude oil futures fell Rs 22 to Rs 3,712 per barrel today as speculators reduced their bets owing to weakness in global market.
At the Multi Commodity Exchange, crude oil for delivery in November was trading lower by Rs 22 or 0.59 per cent at Rs 3,712 per barrel in 2,171 lots. Oil for December delivery also moved down by Rs 21 or 0.56 per cent at Rs 3,736 per barrel in a business volume of 118 lots.
Trading sentiment dampened at the futures trade as oil prices had cooled a bit yesterday ahead of the inventory data and after OPEC said it expected a surge in North American shale output to cap demand for the cartel’s crude oil, analysts said.
The US Energy Information Agency in a separate report also revised upwards its estimate for domestic crude oil production.
Meanwhile, the US benchmark crude oil fell 24 cents or 0.42 per cent to $56.96 a barrel, while Brent crude slid 17 cents or 0.27 per cent to quote at $63.52 a barrel.