NEW DELHI, July 21: Crude oil futures today fell 0.31 per cent to Rs 3,222 per barrel as speculators cut down exposures amid a weak trend in Asian trade.
At Multi Commodity Exchange, crude oil for delivery in August was trading down by Rs 10, or 0.31 per cent, at Rs 3,222 per barrel in a business turnover of 2,475 lots.
Besides, oil contract for September moved down Rs 9, or 0.27 per cent, to Rs 3,270 per barrel in 145 lots.
The continuous fall in crude prices in futures trade was primarily in line with weak Asian cues as demand for the dollar-priced commodity takes a hit from a strong US currency, analysts said.
Expectations of more Iranian crude flooding the oversupplied global market within months following a deal on the country’s nuclear ambitions continue to drag prices lower, they said.
Meanwhile, West Texas Intermediate crude for August delivery eased 16 cents to USD 49.99 while Brent crude for September was down 11 cents to USD 56.54 a barrel in late-morning trade at the New York Mercantile Exchange. (PTI)
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