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Crude oil prices fell by 0.38 per cent to Rs 4,772 per barrel at the futures trade today, extending Tuesday’s losses, after it retreated from a 29-month high in the global market.
At the Multi Commodity Exchange, crude oil for delivery in April shed Rs 18 or 0.38 per cent to Rs 4,772 per barrel with an open interest of 28 lots. March contract also fell by Rs 16 or 0.34 per cent to Rs 4,709 per barrel with an open interest of 43 lots.
Analysts attributed the fall in crude oil futures prices to a weakening trend overseas as members of the Organisation of Petroleum Exporting Countries (OPEC) discussed whether or not to hold a special meeting to consider increasing the production.
Meanwhile, crude for delivery in April fell by 0.4 per cent to $105.02 a barrel in electronic trading on the New York Mercantile Exchange, retreating from the highest level since September 2008.
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