Crude oil futures were trading lower during the evening trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as financial market confidence in the rally came up against a physical excess of crude.

The rally had come despite a strengthening dollar, which makes oil more expensive for holders of other currencies, and increases to physical oil supply coming from Libya, Nigeria and Russia. Some of the support came from Hurricane Matthew in the U.S. Gulf, which could disrupt U.S. oil imports and lead to fuel shortages.

At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,354 per barrel, down by 0.42 per cent, after opening at Rs 3361, against a previous close of Rs 3368. It touched the intra-day low of Rs 3337.

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