Crude oil futures down 0.45% on weak overseas cues

Crude oil futures fell by 0.45 per cent to Rs 3,128 per barrel today as speculators cut down their bets amid a weak trend in global markets.
At Multi Commodity Exchange, crude oil for delivery in April traded Rs 14 or 0.45 per cent lower at Rs 3,128 per barrel in 3,095 lots.
Oil for far-month May delivery also moved down Rs 11 or 0.35 per cent to Rs 3,177 per barrel in 34 lots.
The trading sentiment dampened in futures trade after oil prices declined in overseas markets as rising US supplies offset the effect of output curbs by other producers, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude was down 0.31 per cent at USD 47.82, while Brent crude shed 0.10 per cent at USD 50.75 a barrel on the New York Mercantile Exchange.