Crude oil futures fell by Rs 34 to Rs 3,847 per barrel on Thursday as speculators offloaded bets amid a weak trend overseas.
The sentiment dampened in futures trade after oil prices retreated in the global market as US crude inventories rose and production levels in the country stayed at record levels.
A cautious watch on the Bank of England's announcement of its latest interest rate decision and developments on Brexit also kept oil price under pressure.
Besides, profit-booking by participants weighed on prices in the domestic markets, marketmen said.
At the Multi Commodity Exchange, crude for delivery in February was trading down by Rs 34, or 0.88 per cent, at Rs 3,847 per barrel in 14,545 lots.
The oil for March delivery, too, fell by Rs 34, or 0.87 per cent, to Rs 3,884 per barrel with a business volume of 968 lots
West Texas Intermediate (WTI) crude oil eased 0.39 per cent to USD 53.80 a barrel for March delivery, while global benchmark Brent crude was down 0.46 per cent per barrel at USD 62.40 for April delivery.
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