Crude oil futures traded lower on MCX as speculators exited positions amid a weak trend in Asian trade following concerns about a global supply glut as Organization of the Petroleum Exporting Countries (OPEC) prepares for a meeting where it is expected to maintain the output. Besides, a contraction in the American economy in the first quarter, coupled with a plunge in US consumer confidence in May, darkened the demand outlook for the fuel in the world’s biggest crude consumer. The contract for June delivery was trading at Rs 3819.00, down by 1.29% or Rs 50.00 from its previous closing of Rs 3869.00. The open interest of the contract stood at 13648 lots. The contract for July delivery was trading at Rs 3858.00, down by 1.33% or Rs 52.00 from its previous closing of Rs 3910.00. The open interest of the contract stood at 1256 lots on MCX.

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