Crude oil prices fell by Rs 18, or 0.49 per cent, to Rs 3,672 per barrel in futures trading today, as traders reduced their positions on the back of a weakening global trend.
Trading sentiment turned bearish after crude oil fell from a seven-week high in global markets on speculation that crude oil production in the Gulf of Mexico will be unaffected by a tropical storm.
At the Multi Commodity Exchange, crude oil for August contract fell by Rs 18, or 0.49 per cent, to Rs 3,672 per barrel, with an open interest of 2,583 lots. Similarly, the oil for delivery in July contract lost Rs 17, or 0.47 per cent, to Rs 3,634 per barrel, with an open interest of 17,699 lots.
Marketmen said fresh selling by traders in tandem with a weakening global trend pulled down the crude oil prices at futures trade.
Meanwhile, crude oil for August delivery fell 47 cents to $78.39 a barrel on the New York Mercantile Exchange.
