Crude oil prices fell by 1.39 per cent to Rs. 4,403 per barrel in futures trade today, extending its slide, despite partial recovery in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in March shed Rs. 62, or 1.39 per cent, to Rs. 4,403 per barrel, with a business turnover of 7,713 lots.
Likewise, the oil for delivery in April also fell by Rs. 62, or 1.37 per cent, to Rs. 4,470 per barrel, with a business volume of 1,225 lots.
Analysts attributed the fall in crude oil futures prices to off-loading of positions by speculators. However, partial recovery in Asian trade capped the losses.
Meanwhile, crude oil for delivery in April rose by 86 cents to $ 98.04 a barrel in electronic trading on the New York Mercantile Exchange, on bargain-hunting following the previous day’s massive sell-off.