Also, oil prices for July delivery reduced by 0.24 per cent to trade at Rs 2,898 per barrel, with a business volume of 504 lots.
According to the oil experts, the reason behind the fall in prices is a record expansion by the US drillers, and the efforts of Organization of the Petroleum Exporting Countries (OPEC) to rebalance an oversupplied market.
US benchmark West Texas Intermediate decreased 0.2% to USD 44.54, while Brent was 0.19% lower at USD 47.18.
Prices for both benchmarks are down by almost 14 per cent since late May, when OPEC extended their pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of Q1CY18.
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