On the Multi Commodity Exchange, crude oil for delivery in October contracts was trading lower by Rs 46, or 1.2 percent, at Rs 3,778 per barrel
On the MCX, crude oil for delivery in October dropped by Rs 27, or 0.71 percent, to Rs 3,797 per barrel with a business volume of 34,024 lots.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 42 points gain or 0.37 percent.
'We discussed the present oil availability scenario,' Pradhan told reporters here. 'Organization of the Petroleum Exporting Countries (OPEC) is now taking cognizance of consumer interest in deciding on its policies.'
The value of the October contract traded so far is Rs 3,588.97 crore and November contract saw value of Rs 91.61 crore.
According to Angel Commodities, on Monday, WTI Crude prices ended lower by 2.03 percent to close at $53.6 per barrel after the trade tension between the super-power nations amid weak Chinese data continued to weigh on the demand prospects for Crude.
On the MCX, crude oil for delivery in October dropped by Rs 12, or 0.31 percent, to Rs 3,803 per barrel with a business volume of 20,719 lots.
Doubts over the agreement between Washington and Beijing, designed to end a brutal trade war between the world's top two economies, also kept sentiment weak.
At a ceremony in Riyadh, Putin and his host, Saudi King Salman, penned a string of multi-million-dollar investment contracts targeting the aerospace, culture, health, advanced technology and agriculture sectors.
On the MCX, crude oil for delivery in October shed Rs 15, or 0.39 percent, to Rs 3,854 per barrel with a business volume of 21,539 lots.
Although US oil sanctions imposed on Venezuela in January 2019 have no direct secondary component, oil companies such as Reliance Industries (RIL) that have a significant US presence have curtailed their commercial ties with the Opec nation.
According to Angel Commodities, On Thursday, WTI Crude prices ended higher by 1.83 percent to close at $53.6 per barrel.
Oil prices have failed to gain a lasting boost from supply disruptions this year, including the attack last month on Saudi Arabian oil installations that briefly shut down more than half of production in the world's top exporter.
Crude oil for delivery in October was trading lower by Rs 29, or 0.77 percent, to Rs 3,736 per barrel with a business volume of 16,902 lots on the MCX.
Brent crude was up 32 cents at $58.56 a barrel by 11:04 a.m. EDT (1504 GMT), and U.S. West Texas Intermediate crude was at $52.98, up 35 cents.
Negotiators from the United States and China, the world's top two economies, will meet in Washington on Thursday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global growth.
According to Angel Commodities, last week, WTI Crude prices dipped over 5 percent over rising concerns of excess Supply amid weakening of demand prospects.
Benchmark Brent crude rose 94 cents, or 1.6%, to $58.65 a barrel by 1319 GMT.
Analysts said raising of bets by participants kept crude prices higher in futures trade.
Saudi Arabia has managed to maintain supplies to customers at levels before the attacks by drawing from its huge oil inventories and offering other crude grades from other fields, Saudi officials have said.
Brent crude fell 13 cents to $57.56 a barrel by 1100 GMT, after tumbling 2% in the previous session.
Output at the world's two largest producers, the United States and Russia, also fell in July and September respectively.
The oil for delivery in November, too, shed by Rs 18, or 0.46%, to Rs 3,872 per barrel in 239 lots.
According to Angel Commodities, on Monday, WTI Crude prices dipped lower by 3.29 percent to close at $54.1 per barrel over rising worries of weakening of global demand amid escalating tension between U.S. & China.
The core industries index contracted in August 2019 for the first time since April 2015