Crude oil futures declined by 0.16% to Rs 4,299 per barrel today as speculators reduced their positions, tracking a weakening global trend on US debt concerns.
At the Multi Commodity Exchange, crude oil for August delivery declined by Rs 7, or 0.16%, to Rs 4,299 per barrel, with a business volume of 1,475 lots.
Likewise, the oil for September delivery fell by a similar margin to Rs 4,343 per barrel, with an open interest of 84 lots.
Traders said a weak trend in the global market on concerns over a possible US default if President Barack Obama and lawmakers fail to reach a deal to raise the country's debt ceiling, led to the decline in crude oil futures prices here.
Meanwhile, crude for September delivery contract traded lower by 22 cents to $97.22 a barrel on the New York Mercantile Exchange.
