Crude oil prices fell by Rs. 26 to Rs. 3,692 per barrel in futures trading today as traders reduced their holdings on the back of weakening global trend.
Trading sentiment turned bearish after oil prices tumbled in Asian trade on the back of surge in U.S. crude reserves and appreciation of dollar against other international currencies.
At the Multi Commodity Exchange, crude oil for far-month October fell by Rs. 26 or 0.70 per cent to Rs. 3,692 per barrel with an open interest of 143 lots.
Similarly, oil for delivery in August month declined by Rs 11 or 0.31 per cent to Rs 3,563 per barrel in 43 lots.
Analysts said traders reduced their positions in tandem with a weakening global sentiment leading to fall in crude oil prices in futures market.
In global markets, New York’s main contract crude for delivery in September, shed 21 cents to $ 76.35 a barrel.