Crude oil futures decline on global cues

Crude oil prices traded lower by Rs 7 to Rs 3,585 per barrel in futures trade today, as speculators reduced their positions in tandem with a weakening global trend.

At the Multi Commodity Exchange counter, crude oil for September month declined by Rs 7 or 0.19 per cent to Rs 3,585 per barrel, with an open interest of 30,655 lots.

Similarly, the oil for delivery in October lost Rs 3 or 0.08 per cent to Rs 3,642 per barrel in 4,895 lots.

Market analysts said fresh off-loading by speculators after oil prices fell in global markets mainly led to the decline in crude oil prices at futures trade.

 

Meanwhile, crude for October delivery slipped three cents to $77.16 a barrel in New York.