Crude oil prices fell by Rs 29, or 0.82 per cent, to Rs 3,494 per barrel, in futures trade today on emergence of selling by speculators in tandem with a weakening global trend.
Trading sentiment turned bearish after crude oil fell in New York amid concerns that economic recovery in the US and China will slow, curbing demand in the world's two largest energy consumers.
At the Multi Commodity Exchange, crude oil for July contract fell by Rs 29, or 0.82 per cent, to Rs 3,494 per barrel, with an open interest of 25,428 lots.
Similarly, the oil for delivery in August contract lost Rs 29, or 0.81 per cent, to Rs 3,534 per barrel, with an open interest of 3,460 lots.
Marketmen said fresh selling by speculators in tandem with a weakening global trend pulled down the crude oil prices at futures trade.
Meanwhile, crude oil for August delivery fell by $1, to $74.63, a barrel on the New York Mercantile Exchange.