Crude oil futures shed 0.71% on negative overseas cues

Crude oil prices drifted lower by 0.71 per cent to Rs 4,732 per barrel in futures market today as speculators cut bets amid weak global cues.

At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 34, or 0.71 per cent, to Rs 4732 per barrel in a business turnover of 203 lots.

Similarly, the oil for delivery in August contracts lost Rs 28, or 0.58 per cent, to Rs 4,796 per barrel in 4,007 lots.

Analysts said sentiment dampened after oil prices fell in global markets, with Brent futures set for their biggest monthly loss in two years, on oversupply concerns after a report showed Organisation of the Petroleum Exporting Countries' (OPEC) output in July rose to its highest for 2018.

Globally, Brent shed 33 cents, or 0.44 per cent, to USD 75.22 a barrel while West Texas Intermediate (WTI) crude oil was down 32 cents, or 0.46 per cent to USD 69.81 a barrel, on the New York Mercantile Exchange.