Crude oil futures dropped by Rs 10 to Rs 2,623 per barrel today as speculators cut down their bets amid a weakening trend in Asian trade.
New Delhi: Crude oil futures dropped by Rs 10 to Rs 2,623 per barrel today as speculators cut down their bets amid a weakening trend in Asian trade.
At the Multi Commodity Exchange, crude for delivery in April dropped Rs 10, or 0.38 percent, to Rs 2,623 per barrel in 1,484 lots.
Similarly, oil for delivery in May moved down Rs 10, or 0.37 percent, to Rs 2,718 per barrel in 48 lots.
Market analysts said the trading sentiments at futures trade dampened after oil fell in Asia as persistent concerns about a global oversupply and caution ahead of a US stockpiles report chipped away at recent gains.
The commodity has seen healthy rises this month, after hitting near 13-year lows in February, thanks to a falling dollar and hopes that key producers will agree to output limits at an upcoming meeting in Doha.
With most global markets closed on Friday and Monday for Easter, trade has been limited but investors are now focusing on the weekly US Department of Energy report inventories to gauge demand in the world's top oil consumer.
Meanwhile, West Texas Intermediate (WTI) crude for May fell nine cents to USD 39.30, while Brent crude for May was 12 cents down at USD 40.15 per barrel on the New York Mercantile Exchange.
Both contracts ended lower yesterday.