Crude oil futures decline on weak Asian cues

NEW DELHI, July 31: Crude oil futures fell 1.02 per cent to Rs 3,100 per barrel today as speculators reduced their positions amid a weakening trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in August month contracts shed Rs 32, or 1.02 per cent, to Rs 3,100 per barrel in 3,261 lots.

The oil for delivery in far-month September contracts also fell by Rs 28, or 0.88 per cent to trade at Rs 3,147 per barrel in 187 lots.

The trading sentiment dampened at futures trade as crude oil prices extended their decline in Asian trade after the OPEC cartel indicated that current lofty output levels will remain, while a stronger dollar is also causing downward pressure, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for September delivery was down 36 cents to USD 48.16 while Brent crude for September 29 cents to USD 53.02 a barrel at the New York Mercantile Exchange in mid-morning trade today. (PTI)


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