Tracking a weak global trend, crude oil prices declined by 0.77 per cent in futures trading on Thursday as speculators reduced their positions.
At the Multi Commodity Exchange, crude oil for delivery in July declined by Rs 33, or 0.77 per cent, to Rs 4,250 per barrel, with a business turnover of 5,932 lots.
Similarly, the oil for delivery in August fell by Rs 32, or 0.74 per cent, to Rs 4,301 per barrel, with an open interest of 519 lots.
Analysts said the fall in crude oil prices at futures trade was due to a weak trend overseas on speculation that US fuel demand may weaken after the Federal Reserve lowered its economic growth outlook for world’s biggest crude-consuming nation.
Meanwhile, crude oil declined by USD 1.41 to USD 94 per barrel on the New York Mercantile Exchange.