Crude oil prices dropped by Rs 33, or 0.96 per cent, to Rs 3,416 per barrel in futures market today, as speculators reduced their holdings on less offtake.
At the Multi Commodity Exchange counter, crude oil for September-month delivery fell by Rs 33, or 0.96 per cent, to Rs 3,416 per barrel, with an open interest of 52,758 lots.
Similarly, the oil for delivery in October moved down by Rs 22, or 0.62 per cent, to Rs 3,504 per barrel, with an open interest of 3,755 lots.
Market analysts said off-loading by speculators amid fall in demand in the spot market mainly led to a fall in crude oil prices at futures trade.
