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Crude oil prices fell 0.42 per cent to Rs 4,078 per barrel at the futures trade today as speculators reduced their holdings amid a weakening trend overseas ahead of the release of a key US economic report.
At the Multi Commodity Exchange, crude oil for delivery in September fell Rs 42 or 0.42 per cent to Rs 4,078 per barrel with a trading volume of 1,765 lots. Similarly, October contract lost Rs 15 or 0.36 per cent to Rs 4,107 per barrel with a turnover of 128 lots.
Analysts said the fall in crude oil prices at the futures trade was mostly in line with a weakening trend in Asian markets, as investors awaited a key jobs report from the US later as evidence about the strength of the American economy’s recovery.
Meanwhile, New York’s main contract crude for October delivery fell 2 cents to $88.91 a barrel in the Asian region today.
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