Raw oil prices fell by 0. 88% to Rs 3, 944 per barrel in futures trade today as speculators engaged in reducing their positions amid a weakening trend overseas on concerns within the US and Chinese economy.
At the Multi Commodity Exchange, September crude essential oil fell by Rs 35, or 0. 88%, to Rs 3, 044 for each barrel, with a trading volume of 4, 965 lots.
The October agreement lost Rs 34, or 0. 85%, to Rs 3, 971 per gun barrel, with a turnover of 540 lots.
Analysts said the fall in crude oil prices in futures trade was mostly in tandem having a subdued trend in Asian markets on concerns over high unemployment rates in america and runaway inflation in China
Meanwhile, New York's main contract crude with regard to October delivery fell by 59 cents to $85. 86 barrel in the actual Asian region today.
At the Multi Commodity Exchange, September crude essential oil fell by Rs 35, or 0. 88%, to Rs 3, 044 for each barrel, with a trading volume of 4, 965 lots.
The October agreement lost Rs 34, or 0. 85%, to Rs 3, 971 per gun barrel, with a turnover of 540 lots.
Analysts said the fall in crude oil prices in futures trade was mostly in tandem having a subdued trend in Asian markets on concerns over high unemployment rates in america and runaway inflation in China
Meanwhile, New York's main contract crude with regard to October delivery fell by 59 cents to $85. 86 barrel in the actual Asian region today.