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NEW DELHI: Crude oil futures lost 0.30 per cent on the Multi Commodity Exchange (MCX) on Tuesday on sustained selling by speculators, driven by a weakening global trend.

At 1100 hrs on the MCX platform, crude oil for the most-active August contract declined by 0.30 per cent to Rs 3,329 per barrel, with trading volume of 189 lots.

Similarly, the oil for delivery in July-month contract traded 0.27 per cent lower at Rs 3,281 per barrel, clocking business volume of 2,759 lots.

Analysts said sustained selling by speculators, fall in demand in the spot markets led to the fall in crude oil prices at the futures market here.

Crude oil fell in New York after the World Bank predicted that the global recession will be deeper than forecast, raising concern fuel demand will shrink.

Meanwhile, crude oil on Tuesday fell sharply to below $67 in Asia amid conflicting signals about the prospects of an early rebound for the struggling global economy. - PTI

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