Crude oil futures soften by 0.30% on overseas cues

Crude oil futures declined by 0.30 per cent to Rs 4,676 per barrel in futures market today as speculators cut down bets amid weak global cues.

At the Multi Commodity Exchange, crude oil for delivery in August fell by Rs 14, or 0.30 per cent to Rs 4,676 per barrel in business turnover of 2,256 lots.

Similarly, crude for delivery in September shed Rs 7, or 0.15 per cent to Rs 4,622 per barrel in 89 lots.

Analysts said trading sentiment turned bearish after oil prices extended losses in global markets as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the US and Iran.

Globally, West Texas Intermediate (WTI) crude oil was down 25 cents, or 0.37 per cent to USD 67.64 a barrel, while Brent too shed 29 cents, or 0.40 per cent, to USD 72.77 a barrel on the New York Mercantile Exchange.