Crude oil drifted lower by 0.78 per cent to Rs 5,086 per barrel in futures trade today as speculators cut down their bets, driven by weak trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in July fell by Rs 40 or 0.78 per cent to Rs 5,086 per barrel in business turnover of 2,161 lots.
On similar lines, crude for delivery in August declined by Rs 35 or 0.70 per cent to Rs 4,944 per barrel in 58 lots.
Analysts said trading sentiment dampened as oil prices fell in global markets after US President Donald Trump sent a strident tweet demanding that OPEC must cut prices for crude.
Globally, West Texas Intermediate (WTI) crude oil was down 29 cents or 0.40 per cent to USD 73.85 barrel, while Brent too shed 56 cents, or 0.70 per cent to USD 77.68 a barrel on the New York Mercantile Exchange.
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