Crude oil futures fall Rs 28 on global cues

Crude oil futures slipped Rs 28 to Rs 3,180 per barrel today, in line with a weak trend in Asian trade, as traders cut down their exposure.
Crude oil for delivery in August fell by Rs 28, or 0.87 per cent, at Rs 3,180 per barrel, with a business volume of 621 lots at the Multi Commodity Exchange (MCX).
Also, oil prices for July delivery moved down Rs 26, or 0.83 per cent, to trade at Rs 3,116 per barrel, with a business volume of 7,026 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asian trade after data indicated a rise in the US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day's surge.

The US benchmark West Texas Intermediate fell 27 cents, or 0.58 per cent, to USD 46.53, while Brent was 36 cents, or 0.74 per cent lower, at USD 48.11.