NEW DELHI, July 22: Crude oil futures traded down by Rs 24 at Rs 3,211 per barrel today on speculative selling in line with a weak trend in Asian trade.
At Multi Commodity Exchange (MCX), the July contract of crude oil was trading lower by Rs 24, or 0.74 per cent, at Rs 3,211 per barrel, with a business turnover of 1,774 lots.
Oil for far-month September delivery shed Rs 22, or 0.67 per cent, to trade at Rs 3,260 per barrel, having business volume of 47 lots.
Analysts said that the fall is mostly in line with a weak trend in Asian trade following a US report showing stockpiles surged last week.
Ahead of an official report, the industry-funded American Petroleum Institute (API) said stockpiles had increased by 2.3 million barrels last week.
Meanwhile, West Texas Intermediate for September delivery fell 70 cents at USD 50.16 while Brent crude for September tumbled 53 cents to USD 56.51 on the New York Mercantile Exchange. Both contracts had posted gains yesterday. (PTI)
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