Crude for June contract dropped by 1.56 per cent to Rs 5,732 per barrel on the Multi Commodity Exchange as oil prices moved down in global markets after Saudi Arabia, the world's leading oil producer, called for a meeting with consumer nations on surging prices.
The July contract fell by 1.46 to Rs 5,733 per barrel on the MCX, and August contract by 1.44 per cent at Rs 5,730 per barrel.
In the US, the July contract was down 22 cents at $134.13 a barrel on the New York Mercantile Exchange. The contract earlier climbed to a record $139.12 on June 6.
Saudi Arabia yesterday called for talks with consumer nations soaring oil prices and expressed its readiness to meet any increase in demand.