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Crude oil prices fell by 0.13 per cent to Rs 3,991 per barrel in futures trade today as speculators reduced their holdings, tracking a weakening global trend on possibility of a slowing economy.
At the Multi Commodity Exchange (MCX), crude oil for delivery in August fell by Rs 4, or 0.10 per cent, to Rs 3,972 per barrel, with a business volume of 7,490 lots.
Similarly, the oil for delivery in September lost Rs 5, or 0.13 per cent, to Rs 3,991 per barrel, with a turnover of 2,439 lots.
Market analysts said a weak trend overseas on renewed concerns that the US economy may weaken, which would have adverse effect on the fuel demand in the world’s biggest oil consumer, put pressure on the crude oil futures prices here.
Meanwhile, New York’s main contract —— crude for September delivery —— fell by 39 cents to $87.19 a barrel at the New York Mercantile Exchange today.
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