Crude oil futures decline 0.92% on weak Asian cues

Crude oil futures moved down by 0.92 per cent to Rs 3,223 per barrel in futures trading today as speculators reduced bets amid a weak trend in Asian trade.
At Multi Commodity Exchange, crude for delivery in October fell by Rs 30, or 0.92 per cent to Rs 3,223 per barrel in a business turnover of 115 lots.
On similar lines, the oil for delivery in September contracts traded lower by Rs 27, or 0.85 per cent, to Rs 3,167 per barrel in 3,152 lots.
Analysts said the trading sentiment at futures trade dampened after oil prices tumbled in Asia today on a strong dollar and after key OPEC producers downplayed the prospects of limiting output at a meeting next month.

Meanwhile, at around 0850 IST, US benchmark West Texas Intermediate was down 53 cents, or 1.11 per cent, at USD 47.11 and Brent fell 52 cents, or 1.04 per cent, at USD 49.40.