Crude oil prices fell 0.94 per cent to Rs 3,851 per barrel at the 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 Rs 37 or 0.94 per cent to Rs 3,851 per barrel with a business volume of 14,124 lots. Similarly, September contract 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 threatened demand, kept pressure on oil prices at the futures trade here.
Meanwhile, New York’s main contract crude for September delivery fell 92 cents to $85.71 a barrel in the Asian region.
