Crude oil futures trade lower on MCX as speculators cut down their bets due to weak trend in global markets where it fell from last week's multi-year highs as resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran, while a relentless climb in US drilling activity pointed to further increases in output. US drillers added 10 oil rigs in the week to May 11, bringing the total count to 844, the highest level since March 2015.
The contract for May delivery was trading at Rs 4743.00, down by 1.04% or Rs 50.00 from its previous closing of Rs 4793.00. The open interest of the contract stood at 18924 lots.
The contract for June delivery was trading at Rs 4755.00, down by 1% or Rs 48.00 from its previous closing of Rs 4803.00. The open interest of the contract stood at 2793 lots on MCX.