Crude oil prices drifted lower by 0.78 per cent to Rs 4,697 per barrel in futures trade today as speculators cut bets, driven by a weak trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in August fell by Rs 37, or 0.78 per cent, to Rs 4,697 per barrel in a business turnover of 3,265 lots.
Similarly, the oil for delivery in September contracts lost Rs 30, or 0.64 per cent, to Rs 4,645 per barrel in 201 lots.
Analysts said sentiment remained weak as oil prices fell in global markets after industry data showed US stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July.
Globally, Brent fell 21 cents, or 0.28 per cent, to USD 74 a barrel while West Texas Intermediate (WTI) crude oil shed 34 cents, or 0.49 per cent to USD 68.42 a barrel, on the New York Mercantile Exchange.
