Crude oil futures decline 0.72% on Asian cues

Crude oil prices declined by 0.72 per cent to Rs 3,303 per barrel in futures market today as speculators trimmed their positions, tracking a weak trend in the Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in June fell by Rs 24, or 0.72 per cent, to Rs 3,303 per barrel in a business turnover of 7,359 lots.
Likewise, oil for delivery in far-month July contracts traded lower by Rs 24, or 0.71 per cent, to RS 3,346 per barrel in 208 lots.
Trading sentiment turned bearish after oil prices dipped in Asia today, pulling back further from the psychological USD 50-level as traders took profit and expectations of tighter global supply receded.

Meanwhile, at about 0815 hours IST, US benchmark West Texas Intermediate for July delivery was down 29 cents at USD 49.19 a barrel while Brent North Sea crude, the European standard, was 33 cents lower at USD 49.26.
Oil prices had topped USD 50 a barrel for the first time this year yesterday following production disruptions in Canada and Nigeria as well as a drop in the US crude inventories.