NEW DELHI, Aug 31: Crude oil futures fell 1.33 per cent to Rs 3,035 per barrel today as speculators trimmed positions amid a weakening trend in Asian trade.
Crude oil for delivery in October at the Multi Commodity Exchange traded down Rs 41, or 1.33 per cent, at Rs 3,035 per barrel in 546 lots.
Similarly,, oil for September delivery moved down by Rs 39, or 1.30 per cent, to Rs 2,966 per barrel in 3,924 lots.
The trading sentiment eased in futures trade after crude oil prices fell in Asian trade today, coming under pressure as dealers took profits from huge gains in the previous session and tried to gauge the outlook for the US economy and its taste for crude, analysts said.
West Texas Intermediate (WTI) crude for October delivery eased 79 cents to USD 44.43 while Brent crude for October fell USD 1 to USD 49.05 a barrel in late-morning trade at the New York Mercantile Exchange.
Meanwhile, WTI jumped USD 2.66 (6.3 per cent) on Friday, capping its strongest weekly increase in four and a half years, while Brent surged USD 2.49 (5.2 per cent) after prices plunged on concerns about China’s faltering economy.
Dealers said the rebound was largely due to news the US economy grew at an annual rate of 3.7 percent in the second quarter, up from a previous estimate of 2.3 percent, stoking hopes of a pickup in demand from the world’s top oil consumer. (PTI)
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