Crude oil futures down 0.75% on global cues

Crude oil prices fell by Rs 28 to Rs 3,698 per barrel in futures trade today, as speculators reduced their positions in tandem with a weak global trend.

At the Multi Commodity Exchange counter, crude oil for November-month fell by Rs 28, or 0.75 per cent, to Rs 3,698 per barrel, with a business turnover of 19 lots.

Similarly, the oil for delivery in December moved down by Rs 21, or 0.56 per cent, to Rs 3,753 per barrel, with an open interest of three lots.

Market analysts said speculators reduced their positions amid weakening global trend mainly led to a decline in crude oil prices at futures trade.

 

Meanwhile, crude for November delivery fell by 66 cents to $81.55 a barrel on the New York Mercantile Exchange.