Crude oil futures down 0.25 pc on weak Asian trend

Crude oil futures eased 0.25 per cent to Rs 4,475 per barrel today as speculators reduced their positions amid a weakening trend in Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in far-month August traded down by Rs 11, or 0.25 per cent, at Rs 4,475 per barrel in 99 lots.

Oil for July delivery contracts also moved down Rs 9, or 0.20 per cent, to Rs 4,477 per barrel in 2,129 lots.

Participants trimmed their positions on weak overseas cues as Iran signalled it could support a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree to a supply increase during a meeting on Friday, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude was trading down 10 cents, or 0.15 per cent, to USD 65.61, while Brent crude eased 29 cents, or 0.31 per cent, to USD 74.45 a barrel on the New York Mercantile Exchange.