Crude Oil Futures Decline Ahead of OPEC+ Meeting

New Delhi, Sep 3 (PTI) Crude oil futures declined Rs 18 to Rs 5,768 per barrel on Wednesday as investors remained cautious ahead of the OPEC+ meeting later this week and awaited US inventory data for fresh cues.

On the Multi Commodity Exchange, crude oil for the September contract decreased Rs 18 or 0.31 per cent to Rs 5,768 per barrel with a business volume of 11,497 lots.


On the global front, West Texas Intermediate Crude Oil slipped 0.23 per cent to USD 65.44 per barrel, while Brent Crude traded 0.22 per cent down at USD 68.99 a barrel.

"Investors are closely tracking the upcoming OPEC+ meeting later this week, and the release of the US weekly crude oil inventory data could provide fresh direction for global crude oil prices," said Rahul Kalantri, VP Commodities, Mehta Equities.

Market participants expect crude oil prices to remain volatile this week, influenced by fluctuations in the dollar index, concerns over additional US sanctions on Russian oil, and the outcome of the OPEC+ meet, Kalantri added.