Crude oil prices dropped by Rs 49 to Rs 4,151 per barrel in futures trade today as speculators reduced their holdings, triggered by weakening global trend.
Trading sentiment turned bearish as oil dropped in New York after the stockpiles rose and easing concerns that unrest in Egypt might disrupt supplies.
At the Multi Commodity Exchange counter, crude oil for delivery in February fell by Rs 49, or 1.17 per cent, to Rs 4,151 per barrel, with a business turnover of 36 lots.
Likewise, the oil for delivery in March contract fell by Rs 33, or 0.76 per cent, to Rs 4,294 per barrel, with an open interest of seven lots.
Market analysts said speculators off-loading on the back of weakening global trend mainly pulled down crude oil futures prices.
Meanwhile, crude for March delivery fell 32 cents, or 0.4 per cent to $90.50 a barrel on the New York Mercantile Exchange.
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