Crude oil futures fell 0.77 per cent to Rs 3,231 per barrel today, in line with a weak trend in Asian trade, as speculators cut down their bets.
Crude oil for delivery in November was trading lower by Rs 25, or 0.77 per cent, at Rs 3,231 per barrel, with a business volume of 210 lots at Multi Commodity Exchange (MCX).
Also, oil prices for October delivery was down Rs 24, or 0.75 per cent down, at Rs 3,180 per barrel, with a business volume of 4,301 lots.
Analysts said the fall in crude oil futures is mostly in tune with a weak trend in Asian trade as doubts emerged over the long-term success of a surprise OPEC agreement to cut output and stabilise the oversupplied market.
The Organization of the Petroleum Exporting Countries on Wednesday stunned traders by announcing plans to trim collective production by around 7,50,000 barrels per day.
Initial euphoria over what would be the first output cut in eight years sent prices soaring six percent but the rally fizzled Thursday as traders digested the nuts and bolts of the deal remained to be agreed.
A technical committee has been formed to flesh out the details ahead of the cartel's formal meeting on November 30, including the allocation of the cuts for each member.
Meanwhile, West Texas Intermediate fell 27 cents to USD 47.56 while Brent was trading lower by 31 cents to USD 48.93 a barrel in Asian trade on the New York Mercantile Exchange.
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