Mumbai, Nov. 27- Crude oil front month contract on MCX noted a weak opening on Tuesday after ending at a record high price in the previous session. MCX crude retreated today tracking the downturn movement on international exchange however keeping the losses in a check is rupee's depreciation against the US dollar.

Nymex crude slipped by over $1 and moved below $97 per barrel in the electronic trade session today after registering a 0.5% slide in the previous session which marked its retreat from all time high closing price noted on Friday.

Nymex crude weakened further today extending the losses noted a day earlier which came in after another failed attempt to breach the psychologically important mark of $100 per barrel. Nymex crude moved as high as $99.11 per barrel yesterday.

Weighing on prices are speculations that Opec may consider another increase in output at its upcoming meet with price near $100 per barrel. Also weighing on prices are concerns about the health of US economy, world's biggest oil consumer, which led to a sharp fall in US equity markets yesterday.

Also dollar is relatively steady against the Euro today and hold above the record low hit on Friday and Nymex heating oil futures weakened in the electronic trade session after closing at a record price on forecasts of colder weather.

Opec has continued to state that markets are well supplied and that another increase in output may not cool down prices as they do not reflect fundamentals. However with its Dec.5 meet nearing, some believe that the oil cartel may consider a rise in output to ease higher oil prices.

According to Dow Jones newswires report, news channel CNBC reported that Saudi Arabia is raising its crude-oil output to more than 9 mn bpd ahead of the meeting. This comes after last week reports by Oil Movements and Petrologistics showed that Opec shipments may have increased.

Meanwhile, Iran's Oil Minister stated on Saturday that there is enough oil in market however Iran was ready to increase crude oil production if necessary. Adding to it Ecuador's Oil Minister stated that the Opec is unlikely to change the group's oil output when the group meets on Dec. 5.

Meanwhile traders will now focus on the US weekly petroleum report which will be released on Wednesday and is expected to note another decline in crude oil stocks which are already 6.9% lower than stocks same period last year. Crude oil stocks have fallen for four of past five weeks.

On MCX, crude oil contract for Dec. delivery opened at Rs.3,851 per barrel, Rs.18 or 0.5% lower than its previous closing price of Rs.3,869 per barrel. It has been trading at Rs.3,839 per barrel (approx. $96.26 per barrel) with a decline of Rs.30 or 0.8% and moved in a range of Rs.3,851 to Rs.3,838 per barrel as at 10:27 hrs IST [1USD=Rs.39.88]

On NCDEX, Brent crude oil contract for Dec. delivery has been trading at Rs.3,740 per barrel (approx. $93.78 per barrel) with a decline of Rs.39.50 or 1% and moved in a range of Rs.3,749 to Rs.3,740 per barrel

Middle-East crude oil futures on TOCOM weakened today tracking the losses on Nymex yesterday which were extended further in the after hours trade today. However losses were checked as yen shed gains against the US dollar.

Front month Nov. contract has been trading at 61,100 per kiloliter (approx.9,714.12 per barrel or $89.69 per barrel) with a decline of 200 and moved in a range of 61,100 to 61,000 per kiloliter. Most traded April contract has been trading at 58,780 per kiloliter (approx. 9,345.27 per barrel or $86.29 per barrel) with a decline of 1,040 or 1.7%and moved in a range of 59,070 to 58,090 per kiloliter. [1USD=108.30]