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Crude oil prices fell 0.88 per cent to Rs 3,944 per barrel at the futures trade today as speculators engaged in reducing their positions amid a weakening trend overseas on concerns over the US and Chinese economy.
At the Multi Commodity Exchange, crude oil for delivery in September fell Rs 35 or 0.88 per cent to Rs 3,044 per barrel with a trading volume of 4,965 lots. Similarly, October contract lost Rs 34 or 0.85 per cent to Rs 3,971 per barrel with a turnover of 540 lots.
Analysts said the fall in crude oil prices at the futures trade was mostly in tandem with a subdued trend in Asian markets on concerns over high unemployment rates in the US and runaway inflation in China.
Meanwhile, New York’s main contract crude for October delivery fell 59 cents to $85.86 barrel in the Asian region today.
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