Crude oil futures were trading lower during the evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity on speculation that Russia won’t join the OPEC in planned output cuts, exacerbating concerns over a global supply glut. Meanwhile, US crude storage levels rose by a massive 4.8 million barrels last week, the industry-funded American Petroleum Institute (API) said.

 At the MCX, crude oil futures for November 2016 contract is trading at Rs 3310 per barrel, down by 1.31 per cent, after opening at Rs 3345, against a previous close of Rs 3354. It touched the intra-day low of Rs 3294. 

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