Crude oil futures decline to Rs. 3,035 per barrel

Crude oil futures fell 1.33 per cent to Rs. 3,035 per barrel today as speculators trimmed positions amid a weak trend in Asian trade.

Crude oil for delivery in October on the Multi Commodity Exchange traded down Rs. 41 or 1.33 per cent at Rs. 3,035 per barrel in 546 lots.

Similarly, the oil for September delivery moved down by Rs. 39 or 1.3 per cent to Rs. 2,966 per barrel in 3,924 lots.

Trading sentiment eased at the futures trade after crude oil prices fell in Asian trade today as dealers took profits from huge gains in the previous session and tried to gauge the outlook of the US economy and its taste for crude, analysts said.

West Texas Intermediate (WTI) crude for October delivery eased 79 cents to $44.43, while Brent crude for October delivery fell $1 to $49.05 a barrel in late-morning trade on the New York Mercantile Exchange.

Meanwhile, WTI crude jumped $2.66 (6.3 per cent) on Friday, capping its strongest weekly increase in four-and-a-half years, while Brent surged $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 per cent in the second quarter, up from a previous estimate of 2.3 per cent, stoking hopes of a pick-up in demand from the world’s top oil consumer.