Crude oil prices fell by Rs 33 or 0.85 per cent to Rs 3,827 per barrel in futures trading today, as traders reduced their positions on the back of weakening global trend.
Trading sentiment turned bearish after crude oil dropped below $86 a barrel on forecasts that the US crude supplies increased.
At the Multi Commodity Exchange (MCX), crude oil for May contract fell by Rs 33, or 0.85 per cent to Rs 3,827 per barrel, with an open interest of 19,221 lots. The oil for delivery in June contract also dipped by Rs 27, or 0.68 per cent to Rs 3,961 per barrel in 7,763 lots.
Traders said, fresh selling in tandem with a weakening global trend led to a fall in crude oil futures prices. Meanwhile, crude oil for June delivery fell 38 cents to $85.81 a barrel on the New York Mercantile Exchange.