Crude oil futures down 1.7% on global cues

Tracking a weak trend in overseas markets, crude oil prices fell by Rs 78 to Rs 4,525 per barrel in futures trade today as speculators offloaded positions.

At the Multi Commodity Exchange, crude oil for delivery in July fell by Rs 78, or 1.69%, to Rs 4,525 per barrel, with a business turnover of 76,731 lots.

August crude lost Rs 78, or 1.68%, to Rs 4,649 per barrel, with a business turnover of 6,849 lots.

Market analysts attributed the fall in crude oil futures to a weakening global trend amid concerns that Europe's debt crisis will curb demand for fuel.

Meanwhile, crude oil for August delivery fell 63 cents to $79.13 a barrel on the New York Mercantile.