Crude oil futures slide 0.70% on weak overseas cues

Crude oil softened by 0.70 per cent to Rs 3,121 per barrel in futures trade today as speculators trimmed positions, taking weak cues from the overseas markets.
At the Multi Commodity Exchange, crude oil for delivery in August declined by Rs 22, or 0.70 per cent, to Rs 3,121 per barrel, in a business turnover of 7,141 lots.
On similar lines, crude for delivery in far-month September shed Rs 21, or 0.66 per cent, to Rs 3,143 per barrel in 315 lots.
Analysts said trading sentiment weakened after oil prices fell in overseas market today as traders looked ahead to an OPEC meeting next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.

Globally, the US benchmark West Texas Intermediate for delivery was down 0.08 cent, or 0.16 per cent, at USD 48.95 and Brent crude fell 0.08 cents, or 0.15 per cent, to USD 51.93 a barrel.