Crude oil futures dip on lower global trend

Crude oil prices dipped by Rs 55 to Rs 3,855 per barrel in futures trade today on heavy off-loading by speculators amid a weak global trend.

At the Multi Commodity Exchange, crude oil for November month contract dipped by Rs 55, or 1.36 per cent to Rs 3,855 per barrel with a business turnover of 61 lots.

Oil for delivery in December contract also fell by Rs 51, or 1.29 per cent to Rs 3,908 per barrel with a business volume of 9 lots.

Marketmen said heavy off-loading by speculators on the back of a weak global trend mainly pulled down crude oil prices in the futures trade.

Meanwhile, New York's main contract, crude for December delivery fell by 96 cents to $86.85 a barrel.