Crude oil futures fall on weak Asian markets
NEW DELHI: Crude oil futures fell by Rs 51 to Rs 3,029 per barrel today as speculators trimmed their position amid a weak trend in the Asian markets.
Trading sentiment weakened, tracking a subdued trend in Asia where oil prices tumbled again on a pick-up in drilling and a strong dollar as speculation swirled that the Federal Reserve could hike interest rates as soon as this month, analysts said.
The commodity plunged Friday, wiping out the previous day's rally as analysts said a sharp fall in US inventories last week was likely a one-off caused by import cutbacks as Hurricane Hermine plowed through the Gulf of Mexico.
At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 51 or 1.66 per cent to Rs 3,029 per barrel in 2,882 lots.
Globally, West Texas Intermediate (WTI) crude oil fell 79 cents to USD 45.09 a barrel, while Brent crude tumbled 76 cents to USD 47.25 per barrel on the New York Mercantile Exchange.