Crude oil prices fell by 0.94 percent to Rs 3,851 per barrel in futures trade today as speculators reduced their holdings, tracking a weakening global trend on slowing economy.
At the Multi Commodity Exchange, crude oil for delivery in August fell by Rs 37, or 0.94 per cent, to Rs 3,851 per barrel, with a business volume of 14,124 lots. Similarly, the oil for delivery in September lost Rs 36, or 0.93 per cent, to Rs 3,900 per barrel, with a turnover of 1,549 lots.
Market analysts said off-loading of positions by speculators as the weakening global economy and eurozone debt crisis threated oil demand, kept pressure on the oil prices at futures trade here.
Meanwhile, New York's main contract crude for September delivery fell by 92 cents to USD 85.71 a barrel in the Asian region.
