Crude oil futures fell by Rs 7 to Rs 4,507 per barrel today as speculators cut down their bets amid a weak trend at Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in July was trading lower by Rs 7, or 0.16 per cent, to Rs 4,507 per barrel in 7 lots.
On similar lines, crude for delivery in June fell by Rs 5, or 0.11 per cent, to Rs 4,501 per barrel, in a business volume of 7 lots.
Analysts said trading sentiment remained weak after oil prices eased in Asia, dragged down by rising output, although strong demand and a drop in US fuel inventories provided the market with some support.
Globally, West Texas Intermediate (WTI) crude oil was down 6 cents, to USD 66.58 barrel, while Brent too shed 28 cents, to USD 76.46 a barrel on the New York Mercantile Exchange.