Crude oil futures down on lower global trend

Crude oil prices dropped by Rs 46 to Rs 3,720 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 March-month fell by Rs 46, or 1.22 per cent, to Rs 3,720 per barrel, with a business turnover of one lot.

Similarly, the oil for delivery in January lost Rs two, or 0.06 per cent, to Rs 3,625 per barrel, in three lots.

Marketmen said speculators reduced their positions after reports of weak trend in it prices in global markets.

Meanwhile, New York's main contract, crude for November delivery fell 29 cents to $76.23 a barrel.