Crude oil futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the energy commodity on lingering oversupply worries in global markets. Further, traders lost confidence due to record supplies in the global market, and because of pledged output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia will rein in oversupply. 

At the MCX, crude oil futures for May 2017 contract is trading at Rs 3169 per barrel, down by 0.94 per cent, after opening at Rs 3191, against a previous close of Rs 3199. It touched the intra-day low of Rs 3169.

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