Crude oil prices Tuesday fell by another 0.68 per cent to Rs 3,653 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas.
Crude oil prices Tuesday fell by another 0.68 per cent to Rs 3,653 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas.
In futures trading at the Multi Commodity Exchange, crude for delivery in December fell further by Rs 25, or 0.68 per cent, to Rs 3,653 per barrel in a business volume of 418 lots.
Record Saudi oil production pulled down crude prices on Tuesday amid cautious trading ahead of the G20 gathering that starts in Argentina on Friday and next week's Opec meeting in Austria.
Analysts said continuous off-loading of holdings by participants in line with a weakening trend in global crude mainly weighed on crude prices at futures trade here.
Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.
The West Texas Intermediate (WTI) crude futures were at $51.21 per barrel, down 42 cents, or 0.8 percent., while Brent crude, briefly dipped below $60 per barrel before edging back to $60.10 per barrel at 0147 GMT, still down 38 cents, or 0.6 percent, from their last close.
Meanwhile, the BSE benchmark Sensex opened on a negative note Tuesday as investors turned cautious after US President Donald said he was likely to go ahead with a tariff hike on Chinese goods.
The 30-share Sensex was trading 27.28 points, or 0.08 per cent, lower at 35,326.80.
The NSE Nifty too witnessed similar movement, and was trading 18.70 points, or 0.18 per cent, lower at 10,609.90,
According to analysts, investors remain cautious due to uncertainty over US-China trade war, domestic state elections and dimming global outlook on account of sharp fall in oil prices.
Top losers include Bajaj Auto, Asian Paints, Tata Steel, Vedanta, Bharti Airtel, Hero MotoCorp, HUL, ITC, M&M, NTPC, ICICI Bank and IndusInd Bank, falling up to 1.93 per cent.
While top gainers include Yes Bank, Infosys, Sun Pharma, Coal India, Tata Motors, RIL, TCS, SBI and Axis Bank.
On the macro front, the rupee depreciated 15 paise to 71.02 against the US dollar in early trade at the interbank foreign exchange.
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 "Crude oil dips 0.68% on ample Saudi output; all eye on G20, OPEC meetings")
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