The original FDK algorithm proposed for cone beam (CB) image reconstruction under a circular source trajectory has been extensively employed in medical and industrial imaging applications. With increasing cone angle, CB artefacts in images reconstructed by the original FDK algorithm deteriorate, since the circular trajectory does not satisfy the so-called data sufficiency condition (DSC). A few 'circular plus' trajectories have been proposed in the past to help the original FDK algorithm to reduce CB artefacts by meeting the DSC. However, the circular trajectory has distinct advantages over other scanning trajectories in practical CT imaging, such as head imaging, breast imaging, cardiac, vascular and perfusion applications. In addition to looking into the DSC, another insight into the CB artefacts existing in the original FDK algorithm is the inconsistency between conjugate rays that are 180 degrees apart in view angle (namely conjugate ray inconsistency). The conjugate ray inconsistency is pixel dependent, varying dramatically over pixels within the image plane to be reconstructed. However, the original FDK algorithm treats all conjugate rays equally, resulting in CB artefacts that can be avoided if appropriate weighting strategies are exercised. Along with an experimental evaluation and verification, a three-dimensional (3D) weighted axial cone beam filtered backprojection (CB-FBP) algorithm is proposed in this paper for image reconstruction in volumetric CT under a circular source trajectory. Without extra trajectories supplemental to the circular trajectory, the proposed algorithm applies 3D weighting on projection data before 3D backprojection to reduce conjugate ray inconsistency by suppressing the contribution from one of the conjugate rays with a larger cone angle. Furthermore, the 3D weighting is dependent on the distance between the reconstruction plane and the central plane determined by the circular trajectory. The proposed 3D weighted axial CB-FBP algorithm can be implemented in either the native CB geometry or the so-called cone-parallel geometry. By taking the cone-parallel geometry as an example, the experimental evaluation shows that, up to a moderate cone angle corresponding to a detector dimension of 64 x 0.625 mm, the CB artefacts can be substantially suppressed by the proposed algorithm, while advantages of the original FDK algorithm, such as the filtered backprojection algorithm structure, 1D ramp filtering and data manipulation efficiency, are maintained.