Crude oil futures trade lower on MCX as speculators cut down their bets due to weak trend in the global markets where oil prices edged lower with the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs.
The contract for June delivery was trading at Rs 4914.00, down by 0.3% or Rs 15.00 from its previous closing of Rs 4929.00. The open interest of the contract stood at 21810 lots.
The contract for July delivery was trading at Rs 4920.00, down by 0.32% or Rs 16.00 from its previous closing of Rs 4936.00. The open interest of the contract stood at 690 lots on MCX.