MSN:Crude oil futures down over 2 pc on global cues
New Delhi, Aug 8 (PTI) Crude oil prices fell sharply by 2.26 per cent to Rs 3,754 per barrel in futures trade today as speculators reduced their holdings, triggered by a weakening trend, after US'' rating downgrade.
At the Multi Commodity Exchange, crude oil for delivery in August fell by Rs 89, or 2.26 per cent, to Rs 3,754 per barrel, with a business volume of 28,023 lots.
Similarly, the oil for delivery in September lost Rs 89, or 2.24 per cent, to Rs 3,800 per barrel, with a business turnover of 1,130 lots.
Market analysts attributed the fall in crude prices at futures trade to a weakening trend in global markets following Standard & Poor''s decision last week to downgrade US rating, the world''s largest oil consumer.
Meanwhile, New York''s main contract crude for September delivery tumbled USD 2.68 per cent to USD 84.55 a barrel in Asian region.
