Crude oil down by 0.3% on weak Asian trend

Crude oil futures eased by 0.26% to Rs 3,063 per barrel today as speculators reduced positions amid a weakening trend in Asian markets.

At Multi Commodity Exchange, crude oil for delivery in far-month December traded Rs 8, or 0.26% lower, at Rs 3,063 per barrel in 404 lots.

Oil for November delivery also moved down Rs 5, or 0.17%, to Rs 2,993 per barrel in 7,123 lots.

The trading sentiment dampened in futures trade after oil prices tumbled in Asia today, cutting short a rally the day before after hints of an interest rate hike in December by the US Federal Reserve boosted the dollar, analysts said.

Prices rose yesterday after the US Department of Energy said the country's commercial crude stockpiles had increased less than expected, suggesting stronger demand in the world's top oil consuming nation.

Meanwhile, West Texas Intermediate (WTI) crude for December delivery was down 16 cents to $45.78, while Brent crude for December eased 21 cents to $48.84 a barrel in late-morning trade on the New York Mercantile Exchange.

US oil prices jumped more than 6% in yesterday's

session after news domestic crude supplies rose less than expected in the week ending October 23.