Crude oil prices fell by 0.38 per cent to Rs. 4,237 per barrel in futures trade on Thursday as speculators reduced their holdings amid a weak trend overseas on data showing weak demand in the US.
At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs. 16, or 0.38 per cent, to Rs. 4,237 per barrel, with a trading volume of 3,000 lots.
Similarly, the oil for delivery in October lost Rs. 14, or 0.33 per cent, to Rs. 4,253 per barrel, with a turnover of 450 lots.
Analysts said the fall in crude oil prices in futures trade was mostly in line with a weak trend in Asian markets, on data showing subdued demand in the US, the world's biggest oil consuming nation and fears about the Greek debt crisis.
Meanwhile, New York's main contract crude for October delivery fell by 43 cents to $88.48 a barrel in the Asian region on Thursday.
Read more at: http://profit.ndtv.com/news/show/crude-oil-down-on-weak-overseas-cues-177980?cp
