Crude oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their exposure in the domestic spot market tracking weak cues from global markets as rising stockpiles of crude intensified fears that another major glut is building.
Analysts said that traders cut short their positions at the spot market after the media reports that the Cushing, Oklahoma delivery hub for the US crude futures saw a supply build of 26,460 barrels in the week to July 15, influenced the downtrend at crude oil futures.
At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,028 per barrel, down by 0.43 per cent, after opening at Rs 3,027, against a previous close of Rs 3,041. It touched the intra-day low of Rs 3,022 (at 10:49 hours).
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