Crude oil falls by 0.3%, strained by weak global cues

Traders cut down their bets affecting prices

Crude oil futures slipped 0.28% to Rs 2,828 per barrel today, in line with a weak trend in Asian trade, as traders cut down their bets.

Crude oil for delivery in September was trading lower by Rs 8, or 0.28%, at Rs 2,828 per barrel, with a business volume of 1,477 lots at Multi Commodity Exchange (MCX).

Also, oil prices for August delivery moved down Rs 6, or 0.22%, to trade at Rs 2,773 per barrel, with a business volume of 3,078 lots.

Analysts said the fall in crude oil futures is mostly in step with a weak trend in Asian trade, giving up meagre gains in the previous session as investors await a US inventory report to gauge demand in the world's top economy.

Meanwhile, West Texas Intermediate for September delivery fell 17 cents to $42.45 while Brent for October eased 23 cents to $48.58 in late-morning Asian trade on the New York Mercantile Exchange.