Crude oil futures were trading lower during the afternoon trade in the domestic market on Tuesday as investors and speculators trimmed their bets in the energy commodity even as the OPEC, a cartel which accounts for about 40 per cent of global crude supplies, saw prices bouncing back from a bear market.
The OPEC said that it intends to hold an informal meeting in September to explore ways to restore stability in the global oil market. The meeting will be held in Algeria on the sidelines of the 15th International Energy Forum on September 26-28. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,872 per barrel, down by 0.66 per cent, after opening at Rs 2,876, against a previous close of Rs 2,891. It touched the intra-day low of Rs 2,853 (at 14:06 hours).
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