Crude oil prices drifted by Rs 14 to Rs 4,122 a barrel in futures trading today, as speculators reduced their positions on the back of weakening global trend.
At the Multi Commodity exchange counter, crude oil for January contract fell by Rs 14, or 0.34 per cent to Rs 4,122 a barrel, with a business turnover of 104 lots. The oil for February contract also lost Rs 11, or 0.26 per cent, to Rs 4,187 a barrel, with an open interest of two lots.
Market analysts said fresh selling by speculators on the back of weakening global trend mainly led to the fall in crude oil futures prices.
Meanwhile, the crude prices in New York dipped 15 cents to $91.40 a barrel.