Crude oil dips 0.68% on ample Saudi output; all eye on G20, Opec meetings

Crude oil prices Tuesday fell by another 0.68 per cent to Rs 3,653 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas.

In futures trading at the Multi Commodity Exchange, crude for delivery in December fell further by Rs 25, or 0.68 per cent, to Rs 3,653 per barrel in a business volume of 418 lots.

Record Saudi oil production pulled down crude prices on Tuesday amid cautious trading ahead of the G20 gathering that starts in Argentina on Friday and next week's Opec meeting in Austria.

Analysts said continuous off-loading of holdings by participants in line with a weakening trend in global crude mainly weighed on crude prices at futures trade here.

Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.

The West Texas Intermediate (WTI) crude futures were at $51.21 per barrel, down 42 cents, or 0.8 percent., while Brent crude, briefly dipped below $60 per barrel before edging back to $60.10 per barrel at 0147 GMT, still down 38 cents, or 0.6 percent, from their last close.