Crude oil futures down on reduced offtake

Crude oil prices traded lower by Rs 4, or 0.12 per cent, to Rs 3,443 per barrel in futures trade today, as speculators reduced their positions on subdued demand in the spot market.

At the Multi Commodity Exchange platform, crude oil for September delivery declined by Rs 4, or 0.12 per cent, to Rs 3,443 per barrel, with an open interest of 44,440 lots.

Similarly, the oil for delivery October month lost rupee one, or 0.03 per cent, to Rs 3,527 per barrel, with an open interest of 11,278 lots.

Market analysts said positions reduced by speculators amid weakness in demand in the spot market led to a decline in futures trade.